Groupe Renault and Brilliance China Automotive Holdings Limited (CBA) announce that they have signed a binding framework cooperation agreement covering the main principles of the formation and operation of a joint venture in China focusing on the manufacturing and sale of light commercial vehicles (LCV).
“As a top global automotive company, Groupe Renault is entering into a promising and high potential Chinese LCV market which accounts for upwards of 3 million vehicles per year. By joining hands with CBA, Groupe Renault aims to become a major LCV player in China. We will bring our management expertise and know-how on the products and technology.” said Carlos Ghosn, Chairman and CEO of Renault.
“Brilliance, as a historical top Chinese player in the LCV market through its brand JinBei, is conjoining with Renault LCV and bringing to the joint venture its own expertise in the Chinese LCV market with manufacturing facilities, engineering resources and distribution network.” said Mr. Qi Yumin, Chairman of Huachen, major shareholder of CBA.
Picture : a JinBei Van by Brilliance Chine Automotive Holdings.