Report: Dongfeng Motor May Sell PSA Stake
Dongfeng Motor Group is pondering the sale of some or all of its €2.2 billion ($2.5 billion) stake in PSA Group, sources tells Bloomberg News.
The Chinese carmaker acquired its stake in PSA for about €800 million in 2014 as part of a bailout plan for the then-ailing French company. Now Dongfeng is exploring ways to help pay for the development of electric vehicles and autonomous driving systems.
Dongfeng has huddled with advisors about simply selling its shares or perhaps issuing bonds backed by PSA shares, according to Bloomberg’s sources. They says the company would coordinate any sale with the French company, with which it operates a joint venture in China.
For conducting business in the U.S. market, Toyota has historically had several separate business entities: a sales and distribution company headquartered in California (Toyota Motor Sales, USA); manufacturing operations (Toyota Motor Manufacturing North America); a racing subsidiary (Toyota Racing Development, USA); the Toyota Technical Center for R&D in Ann Arbor; and a design facility in California (Calty Design Research, Inc.). On April 1, 2006, Toyota merged its R&D operations and its manufacturing operations into a single company.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
According to Sandor Piszar, Chevrolet truck marketing director, “We engineer and build our trucks with customers’ expectations in mind.”