PSA Peugeot Citroen Boosts China's Dongfeng Motors Partnership
21 September 2010 - 5:32PM
Dow Jones News
French car maker PSA Peugeot Citroen (UG.FR) Tuesday said that
it was strengthening its partnership with China's Dongfeng Motor
Group Company Ltd (DNFGY) through their Dongfeng Peugeot Citroën
Automobiles, or DPCA, joint venture.
The reinforced partnership will give the joint venture
additional resources to speed its growth in the world's largest
market, and these initiative will enable DPCA to achieve its goal
of a 5% share of the Chinese market by 2015, Peugeot said in a
statement.
PSA Peugeot Citroen and Dongfeng Motors have defined new
corporate governance guidelines for the joint venture which will
enhance DPCA's ability to adapt and respond quickly to the Chinese
market, the French group said.
Also, the reinforced partnership calls for the launch of at
least one new vehicle per year and per brand, for a total of 12 new
DPCA models over the next five years.
To support DPCA's rapid growth in sales--which doubled between
2008 and 2010--PSA Peugeot Citroen and DFM have decided to provide
the joint venture with a third automobile production plant, it
said.
DPCA is continuing to develop the Dongfeng Peugeot and Dongfeng
Citroen sales networks. By 2012, each brand will have dealerships
in China's 300 largest cities backed by an additional network of
several hundred agents, the company said.
Company website: www.psa-peugeot-citroen.com
-By Geraldine Amiel, Dow Jones Newswires; +33 1 4017 1740;
geraldine.amiel@dowjones.com;
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