June 8, 2017 / 6:23 AM / 2 months ago

BRIEF-PSA and ChangAn Automobile to strengthen CAPSA China joint venture

PARIS, June 8 (Reuters) - PSA:

* On June 7th, ChangAn Automobile and Groupe PSA signed an in-depth strategic cooperation agreement to further deepen their cooperation started 6 years ago to establish DS premium brand in China

* Companies' CAPSA joint venture will benefit from the DS ambitious product planning which will consist in launching one new DS product to the Chinese market each year from 2018 onwards

* Groupe PSA will set-up in Shenzhen its DS brand Headquarter for China, Asia Pacific in order to develop synergies on a daily basis with CAPSA in the management of operations in China and to develop exports in the region

* Development plan of CAPSA will be supported by a strong equally shared investment in equity of both ChangAn and Groupe PSA amounting to 3.6 BRMB (€ 500 m) over 2017

* Agreement will also enable both parent companies to strengthen cooperation on joint development of vehicle platform, new energy vehicles, traditional powertrains, intelligent connectivity, overseas operations

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