Changan PSA Automobile Co., Ltd. has officially passed the approval of the National Development and Reform Commission (NDRC), marking the entry of the joint venture between China Changan Automobile Group and French PSA Group into a comprehensive and substantive stage of work initiation.
Changan PSA Automobile Co., Ltd. (referred to as Changan PSA, English: CAPSA) was jointly established by China Changan Automobile Group Corporation and France's PSA Group on July 9, 2010. The registered capital is 4 billion RMB, with each party holding 50% of the shares. The initial total investment of the new joint venture is 8.4 billion RMB.
After passing the NDRC approval, all business operations of the new joint venture have been fully launched. The Shenzhen factory of Changan PSA is positioned to produce environmentally friendly light commercial vehicles and passenger cars. The first phase construction has an annual production capacity of 200,000 vehicles and 200,000 engines that match the vehicles, and in the future, it will gradually expand production capacity and build new production bases according to market demand. The car brands produced by the new joint venture include the Peugeot and Citroën brands under the PSA Group and the Changan brand under the China Changan Automobile Group, as well as the independent brand of the joint venture Changan PSA (CAPSA). Initially, the joint venture will focus on introducing the DS series of the Citroën brand into China. DS is the high-end product series of the Citroën brand, which formally met Chinese consumers at the 2011 Shanghai Auto Show and received widespread attention and good reviews.
The joint venture project initiated by China Changan Automobile Group and the PSA Group includes the cooperation and development of new energy vehicles and independent brands in its company development plan, producing energy-saving, environmentally friendly, and high-tech content products. Meanwhile, the diversified product strategy of the joint venture aims to meet the multi-level market needs of Chinese consumers, expand the market share of the PSA Group in China, increase the competitiveness of China Changan Automobile Group in the high-end passenger cars and commercial vehicles sectors, achieving cooperative win-win and common development for both parties.
China Changan Automobile Group Corporation (referred to as China Changan, English abbreviation: CCAG) is a super-large enterprise group formed by the strategic reorganization of automotive industries under two world 500 Fortune enterprises, China South Industries Group Corporation (CSGC) and AVIC (AVIC), headquartered in Beijing. China South Industries Group Corporation and AVIC respectively hold 77% and 23% of the shares of China Changan. China Changan relies on four main business sectors: complete vehicles, powertrain systems, parts, and trade services, building a vertically integrated industrial chain and forming a development model centered on independent brands. In 2009, the sales volume of China Changan's independent brands ranked 13th in the world and first in China. China Changan has formed 10 major bases and 27 whole vehicle and engine factories in China, with joint ventures including Chang'an Ford Mazda, Chang'an Suzuki, and Changhe Suzuki. The company's production capacity exceeds 2.3 million units, covering both passenger and commercial vehicles, possessing an engine platform ranging from 0.8L to 2.5L, with a complete product lineup. China Changan vigorously develops energy-saving and new energy vehicles. In terms of research and development, industrialization, and demonstration operation of new energy vehicles, it has taken the lead nationwide. In 2010, China Changan produced and sold 2.38 million vehicles, ranking fourth among automobile groups in China.
PSA Group is the second-largest car manufacturer in Europe (with a European market share of 14.2% in 2010) and the largest light commercial vehicle producer (with a European market share of 21.9% in 2010). It employs 198,000 people, with networks spanning 160 countries worldwide. In 2010, the group's global sales reached 3.6 million units. It owns two world-renowned brands: Peugeot and Citroën.
PSA Group operates sales and manufacturing businesses in China, with key operations including Dongfeng Peugeot Citroën Automobile Company Limited, a joint venture with Dongfeng Motor Group, a research and design center located in Shanghai, and import car sales business. As an extension of its automotive business, PSA Group's operations also include finance (PSA Group Financing Bank), transportation and logistics (Jiefu Kefei), automotive components (Faurecia), and Peugeot motorcycles. Through all its businesses in China, PSA Group employs 17,000 people.
In 2010, the group's sales in China set a record again, selling over 370,000 units, increasing by 38% compared to 2009, with a market share of 3.4%. By strengthening cooperation with Dongfeng Group and fully launching the joint venture project with China Changan, the group's strategic development plan in China will be steadily promoted.
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