French carmaker Renault and Chinese Dongfeng Motor have received an approval from the National Development and Reform Commission (NDRC) for their joint venture company, Dongfeng Renault Automotive Company (DRAC), in China.
Both firms welcomed the approval from the Chinese authorities for their joint venture. The official signing ceremony will take place on December 16, 2013.
This partnership will allow Renault to implement its strategy to strengthen its scale and depth in the Chinese market and extend its industrial footprint. On the other hand, Dongfeng will use this opportunity to further consolidate global resources and achieve development in the automotive market.
Stakeholders of both firms will work in close cooperation in every sector, including research and development, purchasing, manufacturing and marketing with the support of Dongfeng Motor and the Renault-Nissan Alliance.
Dongfeng Motor is a state owned enterprise (SOE) under the direct supervision of the State-Owned Assets Supervision and Administration Commission of State Council.
