Renault, Dongfeng Finalize China Partnership

Dongfeng Motor Group Co. and Renault SA have officially launched their 50:50 venture to produce 150,000 vehicles annually in Wuhan, China.

Reuters reported the 7.8 billion-yuan ($1.3 billion) deal 10 days ago. The two companies have been discussing the venture for nine years.

Renault is one of the last high-volume foreign carmakers to find a Chinese partner. The French company has been shipping cars to the country from South Korea. It expects to begin building cars locally in 2016.