Dongfeng Motor (HKG:0489) will have to assess sales potential in Europe before establishing a factory on the continent, Reuters reported Thursday, citing Dongfeng's international business general manager Ma Lei.
The development comes as Italian officials are trying to negotiate with Chinese automobile manufacturers including Dongfeng and Chery Auto to set up shop in the country, the report said.
The Italian government plans to revive the domestic auto industry by inviting a major automotive manufacturer to make vehicles alongside Fiat parent Stellantis, the report said.
Shares rose 2% during Friday's afternoon trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price (HKD): $1.92, Change: $+0.040, Percent Change: +2.13%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.