Xu Bin, President of China South Industries Group Corporation, Changan's main shareholder, and Philippe Varin, Chairman of the PSA Peugeot Citroën Managing Board, have signed a contract to create an equally owned joint venture. The contract was signed on July 9 in Paris at a ceremony attended by Wu Bangguo, Chairman of the Standing Committee of the National People's Congress, Bernard Accoyer, President of the National Assembly of France and Gao Hucheng, Vice Minister of Commerce of the People's Republic of China

Pooling the expertise of two industry leaders, one Chinese and the other European, the joint venture will produce and market light commercial vehicles and passenger car line-ups in China. The partners will initially focus on introducing the Citroën DS line in China and launching a dedicated new brand for the venture. (more…)