RENAULT CONFIRMS A RESTRUCTURING OF ITS JOINT VENTURE WITH BRILLIANCE IN CHINA
PARIS (Reuters) – Renault on Wednesday confirmed press reports that its joint venture in China with Chinese automaker Brilliance Auto Group was strapped for cash and was going to be restructured.
The Bloomberg agency reported today that the French automaker has decided to initiate a restructuring process due to the financial situation of the Renault Brilliance Jinbei Automotive joint venture.
In September, a source told Reuters that Renault was in advanced talks to end its commercial vehicle joint venture with Brilliance Auto, as the diamond group decided to restructure its struggling China operations.
(Tassilo Hummel report, French version Matthieu Protard)