Renault hopes SUVs will boost slowing China growth

Renault (RNO.EPA) plans to use its Formula One brand and its alliance with Nissan Motor (7201.TYO) to buck slowing growth in the Chinese market, Reuters reported. After signing a joint venture deal with Dongfeng Motor Group (0489; HKG) on Monday, it said it plans to manufacture near-premium sport utility vehicles in 2016 with Nissan in order to increase its brand awareness in China. Renault expects to outpace Chinese market growth seen slowing to an 8% average for each of the next three years from 13.5% so far in 2013.