皇冠体育app

BEIJING -- 皇冠体育app's top economic planning department has approved a joint venture between the 皇冠体育app Changan Automobile Group (CCAG) and French automaker PSA Peugeot Citroen, the CCAG said Monday.

The National Development and Reform Commission (NDRC)?approved the venture that will manufacture and distribute passenger and light commercial vehicles in 皇冠体育app, the company said in a statement on its website.

The new entity will initially focus on introducing the Citroen DS line in 皇冠体育app, it said.

PSA and Changan signed a contract for a 50-50 manufacturing joint venture in July 2010, with an initial investment of 8.4 billion yuan ($1.3 billion).

The joint venture, based in the city of Shenzhen in south 皇冠体育app's Guangdong Province, will have an initial annual production capacity of 200,000 vehicles and 200,000 engines, the company said.

The joint venture's first vehicle is scheduled to come off production lines in the second half of 2012, it said.

CCAG is the fourth largest auto maker in 皇冠体育app by annual output. In 2011 the company produced and sold 2.38 million vehicles.