Nissan-Renault to Set Up New Joint Venture With Dongfeng Motor Over Electric Vehicles

Nissan Motor Co and its alliance partner Renault SA said on Tuesday they are setting up a new joint venture with their partner Dongfeng Motor Group Co Ltd to design and build electric vehicles in China.

The move comes as global automakers tap into a boom for such cleaner “new energy" vehicles in the world’s biggest auto market and gear up to meet its stringent plug-in car quotas.

The new joint venture, called eGT New Energy Automotive Co, will be owned 25 percent each by Nissan and Renault and 50 percent by Dongfeng, according to a statement by Nissan and Renault.

Ford Motor Co announced earlier this it was exploring setting up a joint venture with Chinese car maker Anhui Zotye Automobile Co to build electric vehicles in China under a new brand.

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