Peugeot and Changan to Decide on Joint Project On Friday
It has been informed by a PSA Director that the PSA Peugeot Citroen of France and Changan Automotive Group of China will be deciding upon a joint venture deal for manufacturing vehicles in the world's top auto market on Friday.
Peugeot is known to be the second largest car maker of Europe in sales, behind Germany's Volkswagen. The basic work for the deal started when Changan accepted a letter of intent to form the 50-50 venture in the month of May.
Final decision will be taken on Friday, said Jean-Marc Gales, Director for Peugeot brands after a meeting that was held for presenting the latest sales figures. The agreement will start the making of light utility vehicles and passenger cars in the flourishing market of China.
In the year 2009, the car sales in China reached 13.64 million units and it surpassed US sales for becoming world's number one auto market.
With the incentives offered in the Beijing market, including lower purchase taxes and subsidies for fuel-efficient vehicles elevated the status of sales in rural areas, thereby making the market perform extremely well.
Peugeot also has a joint venture with Dongfeng Motor Corporation and two factories in Wuhan with a production capacity of 450,000 vehicles.
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