WASHINGTON (dpa-AFX) - Stellantis N.V. (STLA), on Wednesday announced plans to form a Europe-based joint venture with Dongfeng Motor Group Co., Ltd. focused on sales, distribution, manufacturing, purchasing and engineering activities for Dongfeng new energy vehicles in Europe.
The companies signed a non-binding memorandum of understanding to establish a Stellantis-led 51/49 joint venture.
The proposed transaction remains subject to definitive agreements, customary approvals and closing conditions.
The company said that the proposed venture would oversee sales and distribution of Dongfeng's Voyah-branded premium new energy vehicles in designated European markets using Stellantis' distribution and after-sales network.
The partners also plan to localize production of Dongfeng new energy vehicle models at Stellantis' Rennes plant in France, in line with Made-in-Europe requirements.
Earlier this month, Stellantis and Dongfeng announced plans to produce new Peugeot and Jeep-branded new energy vehicles at the Wuhan plant in China for domestic and export markets starting in 2027.
Stellantis closed trading 0.81% lesser at $7.35 on the New York Stock Exchange. In the overnight, the stock is trading 0.82% higher at $7.41.
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