Renault-Dongfeng joint venture gets green light from Beijing

Beijing has approved a long-awaited US$1.3 billion joint venture between French carmaker Renault and Chinese giant Dongfeng Motor, the Chinese firm said in a statement on Thursday.

Each partner will have a 50 per cent share in the new company, Dongfeng said. It said the government had approved the deal and “the production of 150,000 multiple-purpose vehicles and engines per year”.