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French automaker Renault says it has joined the rush to tap China's fast-growing auto market, setting up a joint venture with Dongfeng Motor Co. that will make 300 thousand cars a year from 2006.
The joint venture will make Renault's most recent models such as the Megane sedan, and may adapt the Logan, a no-frills budget car, for the Chinese market.
Terms for the deal were not disclosed.
Many big automakers, including General Motors and Volkswagen have recently announced plans for billions of dollars of investments in China.
(CRI June 30, 2004)
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