Stellantis and its longtime Chinese partner Dongfeng on Friday signed an approximately 1 billion euro (US$1.16 billion) deal to produce Peugeot- and Jeep-branded vehicles in China for the domestic market as well as export, the automaker said on Friday.
The French-Italian carmaker first announced some details of the deal last month, saying at the time that its Peugeot brand would make China‑built vehicles using Dongfeng technology.
Stellantis is expected to contribute about 130 million euros for the project, it said in a statement on Friday.
The automaker said its joint venture with Dongfeng would produce two new Peugeot-branded energy vehicles and two Jeep-branded off-road energy vehicles at its Wuhan plant from 2027.
Peugeot unveiled two new concept cars at the Beijing International Auto Show in April, a renewed industrial push by the French-Italian carmaker in the world's largest auto market after years of weak sales and restructuring.
On Friday, the companies also signed an MoU to further strengthen their cooperation.
Reuters
