Dongfeng Motor unit buys 20% of Yulon's Hangzhou unit

Shanghai, June 17 (Gasgoo.com) A unit of China's Dongfeng Motor Group Co has bought a 20% stake in the Chinese unit of Taiwan's Yulon Motor Co, Taiwan's Commercial Times reported on Wednesday, citing unnamed Yulon officials.

In the name of Dongfeng Hangzhou Auto Co, Dongfeng Motor bought the stakes in Yulon's Luxgen(Hangzhou) Motor Co., which is based in Hangzhou, Zhejiang province, for an unspecific amount of money.

Luxgen will introduce a sport-utility vehicle model by the end of October next year and multi-purpose vehicles later, the newspaper said.

Luxgen(Hangzhou) Motor Co was established in 2007 by Yulon Motor Co and Zhejiang Zhongyu Holding Group with a total investment of 4.6 billion yuan (US$680 million).