French automaker Renault SA is ditching its main passenger car business in China following poor sales at the loss-making venture with Dongfeng ...
French automaker Renault SA is ditching its main passenger car business in China following poor sales at the loss-making venture with Dongfeng Motor Group.
The carmaker, which will retain a presence in China with other ventures, including in electric vehicles, is trying more broadly to find cost savings and pull out of businesses where it is struggling to make its mark and turn a profit. Dongfeng, which will take on Renault's 50per cent stake in their venture, plans to revamp and upgrade the business's existing car plants, which will no longer make Renault-branded cars, a spokeswoman for the Chinese automaker said on Tuesday.
Renault and Dongfeng also said they would continue to cooperate on"connected vehicles" and work with common partner Nissan Motor Co Ltd on new generation engines.
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