Dongfeng Motor: China's second biggest automaker
Here are some background facts about China's Dongfeng Motor, which is expected to take a stake in troubled French automaker PSA Peugeot Citroen. The board of PSA was due to meet Tuesday to ratify the deal.
State-owned Dongfeng Motor Corp. is the second-biggest automaker by sales in China, which has the world's largest car market. It has multiple alliances with foreign firms, including a business relationship with PSA dating back to 1992. The parent company has a subsidiary listed in Hong Kong, Dongfeng Motor Group.
Founded in 1969 at the height of Mao Zedong's Cultural Revolution, Dongfeng -- which means "East Wind" in Chinese -- is based in the inland city of Wuhan, one of the locations chosen by the government as an industrial hub to protect key sectors from military attack.
Dongfeng sold 3.53 million vehicles in China in 2013, giving it a 16 percent market share and making it number two behind Shanghai Automotive Industry Corp. (SAIC), according to Chinese industry figures. In January this year, Dongfeng's sales reached 335,700 vehicles.
Dongfeng's existing PSA joint venture employs around 15,000 workers in three factories in Wuhan. Dongfeng Peugeot Citroen Automobile sold 550,000 vehicles in 2013, up 25 percent from 2012.
The Chinese company is allied with another French firm, Renault, as well as Nissan and Honda of Japan, Korea's Kia, and Yulong -- a Taiwanese manufacturer.
© 2014 AFP