Dongfeng Motor Group Co., Ltd. issued an announcement that the company and Renault Automobile joint venture passenger car project has recently been approved by the National Development and Reform Commission. Ten years of joint venture negotiations have finally come to an end. Yesterday, Dongfeng Motor Group Co., Ltd. (hereinafter referred to as “Dongfeng Groupâ€, 00489.HK) announced that the company’s joint venture passenger car project with Renault has recently been approved by the National Development and Reform Commission. The total investment of the project is RMB 7.7 billion. Passenger cars and light commercial vehicles will be produced. A management person from Dongfeng Group told reporters that the signing ceremony for the Dongfeng Renault project will be held in Wuhan on December 16.
Dongfeng Group announced that on December 2nd, the National Development and Reform Commission issued the "National Development and Reform Commission approved the approval of the Dongfeng Renault Automobile Co., Ltd. passenger vehicle construction project approval" and approved Dongfeng Group and Renault Motors of France to jointly reorganize Sanjiang Renault Automobile Co., Ltd. The construction scale is to produce 150,000 multi-purpose passenger cars and supporting engines annually. The total investment of the project is 7.755 billion yuan.
The Dongfeng Renault Joint Venture Negotiations started in 2003. During the period, due to the project location differences and other reasons, it was repeatedly delayed until 2010. In March 2012, Dongfeng Group and Renault signed a memorandum of understanding, agreeing to set up a new joint venture company by jointly investing in Sanjiang Renault or other ways agreed by both parties. Its policy background is that the National Development and Reform Commission has repeatedly raised the threshold of the entire automobile project since 2006 and, in principle, will no longer approve new construction projects. The new vehicle construction project must go through mergers and acquisitions of existing projects and use the latter's qualifications for reporting.
In 2009, Dongfeng Group initiated negotiations with China Aerospace Sanjiang Group on the acquisition of Sanjiang Renault. In November 2012, Dongfeng Group acquired a 55% stake in Sanjiang Renault at a price of 1 yuan. After the transaction was approved by the SASAC, Sanjiang Renault was changed to Dongfeng Renault Automobile Co., Ltd. (hereinafter referred to as “Dongfeng Renaultâ€) with registered capital. US$112.12 million, Dongfeng Group holds 55% shares, and Renault holds 45%. According to the agreement, the two sides will increase capital for Dongfeng Renault to form a joint venture company with a 50-50 peer-to-peer ratio structure, and the registered capital will increase to RMB 4.7 billion.
This reporter learned that the Dongfeng Renault plant is located in the Golden Port Industrial Park in Wuhan, Hubei Province, and has already started infrastructure construction such as factory buildings. The first phase of capacity building is expected to be completed in 2015, when the SUV and MPV models will be put into operation; after the profit is realized, the second phase will expand the car models. Dongfeng Motor’s former Minister of Legal Affairs and Securities Affairs and Head of the Capital Operation Department Hu Xindong has been appointed as the general manager of Dongfeng Renault China, and the former deputy head of the Dongfeng Nissan Market Head Office, Chen Hao, will serve as an executive in charge of sales and channels.
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