Renault-Nissan and Dongfeng collaborate to create EVs in China

Nissan Motor Co Japan Nissan Japan Nissan Q1 profit Nissan profit profit Q1 profit

This is not the first time Renault has partnered with Nissan in China - with the trio having worked together in 2016, and Nissan-Dongfeng already the third largest producer of vehicles in the country - but it is the first electric auto project from the group.

The Renault-Nissan alliance will join with Dongfeng Motor Group to produce compact electric cars in China as competition intensifies among American and European rivals that are also teaming with local partners to meet growing demand and tougher regulations.

The new joint venture will produce electric cars at a Dongfeng facility in Hubei province, which has an annual production capacity of 120,000 vehicles.

China will present its final plans for electric and hybrid vehicle quotas in the coming days, German newspaper Frankfurter Allgemeine Zeitung (FAZ) reported, adding that penalties for non-compliance are due to be softened. Production of electric vehicles is expected to begin in 2019.

"We expect to meet the transformation trend of the market in China, where cars are becoming light, electric, intelligent, interconnected and shared", Zhu added.

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It follows an announcement from Ford last week that it will explore a new partnership with Anhui Zotye Automobile Co to launch a fleet of new EV vehicles in China. The venture, eGT New Energy Automotive Co, will develop an electric mini-SUV to go into production in 2019 by Dongfeng, the carmaking alliance said, for sale under the partners' own brands.

China's Dongfeng will own 50 per cent of the new venture, eGT New Energy Automotive Co, with Renault-Nissan taking the other 50 per cent.

Ltd.is the company that has been spawned off the joint venture between the Renault-Nissan Alliance and Dongfeng Motor Group Co., Ltd. Cumulative sales of vehicles such as the Leaf, Renault's Zoe and Mitsubishi's i-Miev topped 481,000 units as of the end of June. Statistics from the China Association of Automobile Manufacturers show that 204,000 electric cars were sold from January to July, an increase of 33.6 percent year-on-year. US carmakers did not make the top ten.

China wants all-electric battery cars and plug-in hybrid vehicles to make up at least a fifth of the country's auto sales by 2025, as part of its solution to tackle alarming pollution levels in major cities.

As stipulated in a draft-which is widely believed to vary little from the final version-it demands the credits an automaker earns from selling new energy vehicles should account for 8 percent of its total sales in 2018.

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