The French car manufacturer Renault and the Chinese automaker Brilliance have signed a framework agreement establishing a joint venture China for the production and sales of light commercial vehicles (LCV), as it follows from a report by Renault.
Brilliance consolidates 100% in Shenyang Brilliance JinBei Automobile, and then Renault will buy out 49% from Brilliance.
The company will be restructured into a joint venture with 51% belonging to Brilliance and 49% owned by Renault. Shenyang Brilliance JinBei Automobile already produces light commercial vehicles in China under the brand of JinBei and has manufacturing facilities and distribution network.
The Chinese LCV market consists of 3 million vehicles per year. Renault plans to become a segment leader in China, according to the company’s report.
