BAIC to develop its self-owned brands through overseas M&A
Beijing Automotive Industry Holding Co (BAIC), China's fifth-largest automaker, will develop its self-owned brands through overseas mergers and acquisitions (M&A), said Xu Heyi, president of BAIC.
BAIC in last December finished its acquisition of part of Saab's technology with 200 million U.S. dollars. BAIC will maintain the technological export strategy, set up plants abroad and sell cars directly to foreign consumers, Xu said.
“The Chinese government has been supporting automakers' "Going Out",” Xu said, “the patterns of auto industry both home and abroad are changing rapidly, offering the opportunities of M&A.”
"Beijing" cars, BAIC's self-owned brand, will debut in 2010.
“Although its technology comes from Saab, we managed to integrate many design elements with Chinese characteristics,” he added.
As to the rumor that BAIC will bid for more Saab assets, Xu did not give a direct comments.
"BAIC has always been looking for valuable acquisition targets in order to develop its self-owned brands," Xu said.
