BEIJING (AP) — Chinese automaker Dongfeng has announced an agreement to invest 800 million ($1.1 billion) in France’s Peugeot and to expand cooperation in China.

Dongfeng said Wednesday its investment plan will result in the Chinese company, the French government and the Peugeot family ultimately owning equal shares in the company.

The agreement would give PSA Peugeot Citroen much-needed capital while Dongfeng gains access to a well-known brand and advanced technology to help expand its share of the Chinese auto market.

Subscribe to Asian Correspondent

Receive our weekly round-up of the most important stories in Asia

We will never give away, trade or sell your email address. You can unsubscribe at any time.