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July 4, 2007

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PSA Peugeot CitroŽn to establish a Joint Venture project with Chinese Carmaker Hafei

PSA Peugeot CitroŽn and Chinese carmaker Hafei today signed a memorandum of understanding to start a feasibility study of a 50-50 joint venture creation.

The new venture will manufacture small people movers (under 10 passengers) for the Chinese market. The vehicles will be produced by Hafei's plant in Shenzhen.

Hafei HF08

The signing of the MOU demonstrates the Group's commitment to speeding up its development in China, one of its three international strategic growth regions.

Hafei HF10

PSA Peugeot CitroŽn operates in China through Dongfeng Peugeot CitroŽn Automobiles (DPCA), a 50-50 marketing and manufacturing joint venture established in partnership with Dongfeng Motor. DPCA sold 201,300 vehicles in 2006 and 87,100 vehicles in the first five months of 2007.

Hafei is a Chinese carmaker and a subsidiary of the AVIC aeronautics company. Its production reached 260,000 cars in 2006.

Photos: Hafei

(June 29, 2007)

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