Renault-Nissan alliance enters tie up with Dongfeng to build electric vehicles in China
Johannes Eisele | AFP | Getty Images
Employees working on a car assembly line of France’s Renault and China’s Dongfeng factory in Wuhan, Hubei province, China on on February 1, 2016.
The move comes as global automakers tap into a boom for such cleaner “new energy” vehicles in the world’s biggest auto market and gear up to meet its stringent plug-in car quotas.
The new joint venture, called eGT New Energy Automotive Co, will be owned 25 percent each by Nissan and Renault and 50 percent by Dongfeng, according to a statement by Nissan and Renault.
Ford Motor announced earlier this it was exploring setting up a joint venture with Chinese car maker Anhui Zotye Automobile to build electric vehicles in China under a new brand.