Renault’s Commercial-Van Venture in China Heads for Restructuring

(Bloomberg) — Renault SA’s venture with Brilliance Auto Group Holdings Co. Ltd. in China is unable to make payments and heading for restructuring, a further blow to the French manufacturer’s limited presence in the world’s biggest car market.

In light of the partnership’s “inability to meet its current financial obligations, the company’s board of directors has resolved to initiate a restructuring process,” Renault said Wednesday. The joint unit, based in Shenyang, makes vans under the Jinbei brand and was started in 2017 under former Chief Executive Officer Carlos Ghosn with Renault holding a 49% stake.