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PSA seeks three-way partnership with Chinese automakers
Shanghai. February 20 (Gasgoo.com) - French automaker PSA Peugeot Citroen is seeking to set up a three-way joint venture with Chinese partners, Chinese newspaper Guangzhou Daily reported today.
Sources familiar with the issue said PSA will not give up its plan to set up another joint venture in China despite its unsuccessful attempt to tie-up with Hafei Group.
PSA Peugeot Citroen officials said Christian Streiff, CEO of PSA, will come to China to discuss a possible three-way tie-up with Dongfeng Motor and Hafei Auto, according to the Guangzhou Daily report.
PSA China and Hafei signed a memorandum of understanding to form a 50/50 JV in Shenzhen last June, but the partnership met opposition from PSA’s another partner Dongfeng Auto Group, which are trying to form a partnership with Hafei on its own.
Dongfeng Motor is doing due diligence on Hafei and Dongan Auto Engine, but it could take 2-3 months to finalize any dea, according to a Reuters report last month.
The spokesman for PSA China declined to comment on the possible three-way alliance.
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