Groupe Renault and Brilliance China Automotive Holdings Limited (Brilliance) have confirmed signing a contract for the formation of a joint venture to manufacture and sell light commercial vehicles (LCV) under the Jinbei, Renault and Huasong brands with the goal of achieving 150,000 sales annually by 2022 and an acceleration of electrifying powertrains.
The new JV will be known as Renault-Brilliance-Jinbei Automotive Co., Ltd. with manufacturing operations in the Dadong District of Shenyang and will locally produce three key segments—MPVs, medium vans and heavy vans. The Chinese LCV market is reaching upwards of 3 million units annually.
To form the JV, Groupe Renault is purchasing a 49 percent equity interest in Shenyang Brilliance Jinbei Automobile Co. Co., Ltd. (SBJ). SBJ is being restructured into a JV owned 51 percent by Brilliance China and 49 percent by Groupe Renault. The companies had signed a framework cooperation agreement to pursue the formation of the joint venture in July of this year.
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