SHANGHAI—Renault SA, which was already struggling in China before the coronavirus epidemic hit, will stop making gas-powered cars for domestic sale and wind up its main joint venture with state-run auto maker Dongfeng Motor Corp.
Dongfeng blamed the joint venture’s lack of success on the downturn in China’s auto market and said a proposed transfer of Renault’s 50% share in the JV to Dongfeng still awaits formal approval.
TedrosResign
Excellent. Perhaps they could look at other emerging markets
They should thank themselves lucky, any joint venture in China only really benefits the local Chinese partner. No foreign company has ever had great success in China, the system is completely geared against by providing an anti-competitive and xenophobic business environment