SAIC Motors Buys 50.3% Stake In Shanghai Diesel Engine Co.
Hot on its heels from the purchase of domestic rival car maker Nanjing Auto –see here, SAIC Motors today announced that it has agreed to pay 923 million yuan ($127 million) to Shanghai Electric Group Co Ltd in order to acquire a 50.32 percent slice of Shanghai Diesel Engine Co. "The purchase will enable SAIC to develop its own engines and complete products with well-established core spare parts," said SAIC in a statement that it issued. "It will lift our company’s competitiveness in the commercial vehicle segment." -Continued after the jump
The Chinese Group has announced that it plans to produce 600,000 units annually of its own brand of vehicles by 2010, a number that includes 200,000 passenger cars and 400,000 commercial cars. SAIC’s overall plan is to reach an annual production of 2 million units, for both passenger and commercial vehicles, by then. Most of the vehicles produced by SAIC today are made in collaboration with its joint ventures (GM and Volkswagen AG), and all those cars carry the foreign partners' brand nameplates.
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It's been a good sales month in China for General Motors and its 12 joint ventures in the country as the Detroit-based company set an all-time record high of 199,503 deliveries in July, up 15.1 percent over the same month last year. In particular,...
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With a production output of 3.64 million vehicles last year, SAIC Motor Corporation Limited is China's largest domestic automobile maker and a name that you will hear a lot more about in the years to come. SAIC is now trying to strengthen its U.S....
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- Gm's New China Brand Baojun Launches First Car, The 630 Compact Sedan
SAIC-GM-Wuling (SGMW), GM's mini-commercial vehicle joint venture with China's SAIC and Wuling Motors, today rolled out the first Baojun branded passenger vehicle at its plant in Liuzhou, southern China. The Baojun 630 is a low price, four-door...
- Gm Unveils En-v Segway-based Concepts For Mega City Dwellers
General Motors and its Chinese partner Shanghai Auto (SAIC) presented today a new trio of self-balancing two-wheeler concept vehicles that will be showcased in public for the first time at the SAIC-GM Pavilion at World Expo 2010 Shanghai that runs from...