General Motors’ automobile sales in China grew 67% in 2009, reaching a record 1.83 million units. GM’s strong performance in China, especially as it struggled in its home market, is partly attributable to Chinese government policies aimed as boosting domestic demand, such as a fifty percent purchase tax cut for vehicles with small engines to [...]
Beijing Automotive Industry Holding Co (BAIC) may make another attempt buy General Motors’ (GM) Saab unit after an acquisition deal it was part of collapsed earlier this week, according to industry analysts. Koenigsegg Group of Sweden reached deal with BAIC in September under which Chinese auto maker would take a minority stake in Koenigsegg, in [...]
Beijing Automotive Industry Corp (BAIC) has joined Geely in the competition for the acquisition of Ford’s Volvo brand. BAIC executives may visit Volvo’s Swedish headquarters as early as Thursday to begin due diligence on the acquisition target. BAIC’s interest in the firm comes as the bidding for Volvo has been narrowed down to three or [...]
Beijing Automotive Industry Corp (BAIC) may consider buying General Motors’ Saab brand following the likely failure of its attempt to buy GM’s Opel. BAIC, the joint-venture partner of Germany’s Daimler, entered a bid for Opel in May, a day after the seller’s deadline; Canada’s Magna International has signed a letter of intent with GM to [...]
Chinese engine maker Weichai refuted earlier reports by asserting that it had no interest in acquiring GM’s auto parts unit in France. GM announced last August that it intended to sell its Strasbourg plant as part of an effort to finance its multi-billion dollar debt. The company suggested there may be some interest from potential [...]
Ford is in discussions about selling off Volvo to Changan Automobile, its Chinese joint venture partner. According to state media, Xu Liuping, Changan’s president, participated in discussions with Ford and Volvo during an auto show last month in Guangzhou. No details of the talks were given, but an unidentified Changan executive was quoted as saying [...]
