July 5, 2017 / 4:50 AM / 4 months ago

BRIEF-Renault confirms new deal with Brilliance China Automotive

PARIS, July 5 (Reuters) - Renault:

* Renault and Brilliance China Automotive Holdings Limited (CBA) have signed a binding framework cooperation agreement related to the formation of a joint venture in China dedicated to the manufacture and sale of light commercial vehicles (LCV)

* Groupe Renault will purchase from CBA a 49% equity interest in Shenyang Brilliance JinBei Automobile Co., Ltd. (SBJ) with SBJ being restructured into a joint venture company owned by CBA (51%) and Groupe Renault (49%).

* Project will facilitate the common development of LCV business in China by Groupe Renault and CBA.

* “As a top global automotive company, Groupe Renault is entering into a promising and high potential Chinese LCV market which accounts for upwards of 3 million vehicles per year. By joining hands with CBA, Groupe Renault aims to become a major LCV player in China. We will bring our management expertise and know-how on the products and technology,” said Carlos Ghosn, Chairman and CEO of Renault, in a statement

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