PSA Peugeot Citroën is aiming to produce 1m cars a year in China for Asian markets with local automaker Dongfeng, as part of their industrial partnership, according to people briefed on the talks.
The two groups have been hammering out an alliance since last year. Under current proposals, Dongfeng and the French state will take a 14 per cent stake in Peugeot as part of an effort to raise €3bn in capital.
The struggling French automaker, hit by the worst European car market for two decades and bleeding cash, will use the money to invest in new models and shore up its balance sheet. It is relying on the partnership to boost Asian sales.
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