July 13, 2010 by Tycho de Feijter
From: Xinhua, edited. China Changan Auto Group Corporation (CCAG) and French leading carmaker PSA Peugeot Citroen signed a contract Friday here on the creation of an equally owned joint venture in China.
The contract was signed by Xu Bin, president of China South Industries Group Corporation, Changan’s main shareholder, and Philippe Varin, chairman of the French part’s Managing Board, 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.
Their initial cooperation will focus on introducing the Citroen DS line in China and launching a dedicated new brand for the venture, the two companies said in a joint statement. The contract also allows for the joint venture to market, at a later date, further vehicles under the partners’ other brands, Peugeot and Changan, they said.
[PSA already has a joint venture with Dongfeng, selling cars under the ‘Peugeot’ and ‘Citroen’ brands, that jv will continue operations until Chang’an-PSA will start using those brands, and that is when the jv-contract between Dongfeng and PSA expires]