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PSA works on cooperation with HF Automobile Group

Jorvan From www.gasgoo.com| July 02 , 2007 13:04 BJT

Reporters learned from PSA yesterday that it has reached a strategic co-operation agreement with Hafei Automobile Group to produce passenger cars.

It is reported that PSA and Hafei will each have a 50% stake in this joint venture. The Ceo of PSA has expressed that he is optimistic about this cooperation. In a few days time, a joint news conference will be held to make the official announcement and to sign the agreement. Dongfeng Motor, PSA's current partner in China, will be notified then.

Earlier this month, PSA president Du Sen said the Group has been in negotiation with Hafei for the last 3 years. At that time, PSA has only one partner in China.

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