PSA Peugeot Citroen has issued a statement Thursday confirming finally signed with China Chang'An Automobile Group (CCAG) "a letter of intent for the creation of a joint venture in China."
The French group announced in January that targeted a growth of 30% of its sales in China in 2010 from 3.4% to 8% share of the market by 2015-2016. Last year, PSA had sold 450,000 vehicles, while General Motor and Volkswagen sold respectively 1.8 and 1.4 million vehicles cash loans Guaranteed approval ".The Chinese market is indeed a challenge for the major car manufacturers: the Middle Kingdom has become the world's biggest car market last year, overtaking the United States, with 13.64 million vehicles sold in 2009.
Peugeot was already present in China through a partnership with Dongfeng society. But it is located in Beijing and in the center. Instead, Changan Peugeot opens the market for the East Coast, including the rapidly growing region of Shanghai.