On Monday, Renault, a French carmaker, and Dongfeng Motor Group hoped to end up with a deal later this month. The two companies wanted to pursue their planned Chinese joint venture. The information came from a source who did not want to be named due to the confidentiality of the agreement.

The business enterprise would involve a total investment of CNY10 billion equivalent to US$1.6 billion.

"We are waiting for an official invitation from the Chinese industry ministry," the source stated.

Earlier on Monday, Renault shares increased by 3.7%. The upsurge transpired after China Business News announced that the carmakers would be able to finalize their plan this month.

The French carmaker's spokeswoman refused to give a comment. However, she said that Renault hoped to get Chinese authorities' approval for the venture with Dongfeng.

China Business News said that Renault-Dongfeng's undertaking would produce a total of 150,000 vehicles per year. In 2014, they  were also anticipated to make SUVs and minivans.