Renault Group entered into a joint venture with Brilliance China Automotive Holdings to focus on the manufacturing and sale of light commercial vehicles (LCVs) under the Jinbei and Renault brands. Hong Kong-listed Brilliance China will acquire a 100% holding in Shenyang Brilliance Jinbei Automobile, then sell 49% of the shares to the French automaker. Both partners will inject a total of CNY1.5 billion in accordance with the 51:49 ratio. The 49% Shenyang Brilliance Jinbei shares were valued at CNY1. “Renault is entering into a promising and high-potential Chinese LCV market, which accounts for upwards of 3 million vehicles per year,” said Carlos Ghosn, Chairman and CEO of Renault. Sources in the auto sector said the new joint venture might help Renault consolidate its presence in China with a new production base in Shenyang. The French automaker’s new business would take a market share of 3.5%. In 2016, the Chinese market saw 353,600 light passenger vehicles and 1.5 million light trucks sold, the China Daily reports.