Could I have a statement, please?
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The news came as French car group Renault became the last of the major manufacturers to move into China, winning approval from Beijing for a $1.3bn (ツ」811m) joint venture in the country to produce 150,000 vehicles a year. Renault is attempting to make up for lost time by partnering with domestic business Dongfen Motor Group, the country’s second biggest manufacturer. The French manufacturer is one of the few leading European vehicle groups without a manufacturing presence in a country where car sales last year rose 4.3pc to 19.3m.