Chinese government officials are investigating executives at state-owned automaker Dongfeng Motor Corp. for possible corruption.
Tag Archives: Dongfeng
PSA partner Dongfeng posts strong 2013 profit
China’s Dongfeng reported a better-than-expected 16 percent rise in 2013 profit due to a rebound in sales at its Japanese partners.
The country’s second-biggest carmaker, which on Wednesday agreed to buy a stake in struggling French partner PSA/Peugeot-Citroen, said net profit was 10.53 billion yuan ($1.70 billion), according to a statement through the Hong Kong Stock Exchange. That beat a forecast of 10.24 billion yuan from 28 analysts polled by Thomson Reuters.
PSA and Dongfeng may cooperate in Russia, Brazil
The chairman of China’s Dongfeng Motor Group said cooperation with PSA/Peugeot Citroen is not limited to certain geographical regions, and that Brazil and Russia are possible future areas.
CEO Zhu Fushou says Dongfeng will not ‘eat’ PSA
Dongfeng Motor CEO Zhu Fushou sought to quell the controversy over his company’s planned purchase of a 14 percent stake in PSA/Peugeot-Citroen, saying that Dongfeng has no plans to take control of PSA.
Dongfeng’s investment is a long-term strategy that will help PSA increase sales outside Europe and allow Dongfeng to compete better with domestic rivals in China, Fushou said in an interview published in the L’Alsace newspaper.
PSA CEO succession seen as key to completing Dongfeng alliance deal
PSA/Peugeot-Citroen’s move to name former Renault No. 2 Carlos Tavares as its future CEO stands to help secure an alliance with Dongfeng Motor Corp., which may be the carmaker’s last chance to end its reliance on Europe’s slumping car market.
