PSA Peugeot Citroen to establish second JV in China

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PSA Peugeot Citroen to establish second JV in China

Source: Global Times
[11:19 February 11 2011]
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Philippe Varin, CEO of PSA Peugeot Citroen said on Wednesday that the company plans to found another joint venture (JV) in China as the European auto markets are expected to remain challenging in 2011.

Peugeot, the France's largest automaker also plans to enter Indian market this year.

PSA reported a net profit of 1.13 billion euros ($1.54 billion) in 2010 on Wednesday thanks to its new car sales success and the global increase of car demands.

Dongfeng Peugeot Citroen Automobile, the first joint venture between PSA and Dongfeng Motor Corporation in China, contributed a net profit of 159 million euros ($ 216.8 million) to the French group, up 179 percent from 2009.