(MENAFN) China's Dongfeng Motor Corporation inked a deal with Swedish AB Volvo to set up a joint venture for the production of commercial vehicles, reported Xinhua News.
The Chinese carmaker will hold 55 percent in the new company, whereas Volvo will hold the remaining 45 percent.
The company's branded products will include medium and heavy-duty trucks, passenger cars and special purpose vehicles, in addition to auto parts, such as chassis, engines and gearbox.
It is worth noting that Dongfeng Motor has also collaborated with several foreign automakers, including Renault Group and Nissan Motor.
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