Changan-PSA Joint Auto Venture Approved by NDRC

(Beijing) -- A joint auto venture between China Changan Automobile Group and French carmaker PSA Peugeot Citroen Group has won regulatory approval from the National Development & Reform Commission, official Xinhua News Agency reported on July 18.

The 50-50 joint venture, with an initial investment of 8.4 billion yuan, will produce 200,000 vehicles a year after the first-phase construction, said the report.