Dongfeng forges JV with Taiwanese carmaker

BEIJING - Dongfeng Motor Corp, China's third-biggest automotive group, recently signed a contract with Taiwan's Yulon Motors Corp to make passenger vehicles on the mainland.

The two companies formed a 50-50 joint venture based in the eastern city of Hangzhou with an initial registered capital of 1.55 billion yuan. Total planned investment is 3.4 billion yuan.

The venture will have an annual production capacity of 120,000 vehicles and 120,000 engines, with a line-up including sport-utility vehicles, multi-purpose vehicles, sedans and electric-powered vehicles.