Lentuo International Inc. announced that it has received approval from the Beijing government for its joint venture with Itochu Corporation. The approval was granted by the Beijing Municipal Commission of Commerce in May, 2013. The JV will focus on the expansion of Lentuo's high-end car dealerships across China, starting with the new Audi 4S dealership located in southern Beijing, the construction of which was announced by the company in November, 2012.

The JV will also scale up its higher margin repair and maintenance services. Itochu will invest RMB 300 million and take a 40% stake in the JV. Having successfully built its subsidiary Yanase into the Mercedes dealership in Japan, and with its extensive experience in operating and investing in high-end car dealerships across Asia, Itochu will also act as a strategic investor to help Lentuo strengthen its management and business operations over the long run.