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Chana Motor Group, the fourth largest automaker in China, plans to cooperate with French auto giant Peugeot to joint venture. According to the plan, the deal will be signed in the first quarter of this year. Insiders reveal that the new plant site may be in Shenzhen, a southern city of Guangdong province.
Chana successfully merged Hafei Motor last year. Hafei Motor owned this plant before. Currently, Chana possesses this plant. Hafei motor says the Shenzhen plant was opened in the year of 2004 and its annual production capacity reaches 100,000 units. Due to the bad market performance, this plant was closed in June 2007 and does not resume so far.
Chana Motor Group acquired Hafei Motor and Changhe Motor from Aviation Industry Corporation in the year of 2009. Chana Group was founded in Shanghai in 1862 and is one of the most renowned automakers in China. Its headquarters is located in Chongqing. Chana will have a producing capacity of two million units by the year-end and its brand value exceeds 20 billion yuan. Peugeot Motor is the business partner of Dongfeng Motor Corporation.