Nissan Motor Co and its alliance partner Renault SA said on Tuesday they are setting up a new joint venture with their partner Dongfeng Motor Group Co Ltd to design and build electric vehicles in China.
The move comes as global automakers tap into a boom for such cleaner “new energy” vehicles in the world’s biggest auto market and gear up to meet its stringent plug-in car quotas.
The new joint venture, called eGT New Energy Automotive Co, will be owned 25 percent each by Nissan and Renault and 50 percent by Dongfeng, according to a statement by Nissan and Renault.
TRENDING NOW
Ford Motor Co announced earlier this it was exploring setting up a joint venture with Chinese car maker Anhui Zotye Automobile Co to build electric vehicles in China under a new brand.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Indian renal denervation catheter market to grow at 11% CAGR: Report
Global warming-induced cyclones rattle coastal economy; Amphan cost: $14 billion
India to be a USD 5 trillion economy by FY28; reach USD 30 trillion by 2047: FM