Dongfeng Motor Group will acquire automotive assets from its joint venture with Stellantis NV as part of the carmaker’s strategy to consolidate its manufacturing resources amid weak car sales in China.
Dongfeng Peugeot Citroen Automobile (DPCA) will sell assets including certain land use rights, buildings and structures in Wuhan and Xiangyang in Hubei province to Dongfeng Motor in a 1.71 billion yuan ($234 million) deal, the latter said in a filing to the Hong Kong Stock Exchange Thursday.