Chinese carmaker Dongfeng Motor Corporation is planning a restructuring along with other state-owned peers amid intense competition among electric carmakers.
Dongfeng Motor Group (0489) said controlling shareholder Dongfeng Motor Corporation is planning a restructuring with other central state-owned enterprise groups, in a filing to the stock exchange.
Last year, Zhang Yuzhuo, director of the State-owned Assets Supervision and Administration Commission of the State Council, said state-owned carmakers have not developed fast enough in the field of new energy vehicles.
At the time, he said Sasac would conduct separate business assessments of three state-owned automobile firms: Dongfeng Motor Corporation, Changan Automobile Corporation and China FAW Group Corporation.
Jasmine Shen