The two companies say that they share a common vision to build an automotive group that will become the largest, world-class automotive group in China with the resources to develop a highly effective global development strategy.

In order to effectively integrate and make the best use of the joint resources of the two companies, there will be a carefully devised strategic cooperation on passenger cars, commercial vehicles and independent brands, as well as automotive parts and component manufacturing.

The two companies will now proceed to undertake a due diligence process before making further announcements on details on future cooperation.