Photo: NewsPress.co.uk
China’s Beijing Automotive Group is looking to boost international sales by taking over a “medium-size” European automaker, the company revealed last week. Although no further details have been revealed, word has it the Chinese are eyeing three car manufacturers as potential takeover targets.
"We want to acquire such mid-sized brands in Europe while the economy is sluggish so we can use their facilities as a production base to expand there," said BAIC president Dong Haiyang, while Beijing Auto chairman Xu Heyi added the company will do “everything in our power to explore overseas market”.
According to Automotive News, the state-owned manufacturer plans to have a $400 million of profit from abroad with a vehicle-sales target of 400,000 units by 2020, which is why it’s looking to buy its way into the European market.
Beijing Auto now builds vehicle with Daimler and Hyundai in China, while their Senova sedan was developed using Saab technology.
Story via AutomotiveNews
According to Automotive News, the state-owned manufacturer plans to have a $400 million of profit from abroad with a vehicle-sales target of 400,000 units by 2020, which is why it’s looking to buy its way into the European market.
Beijing Auto now builds vehicle with Daimler and Hyundai in China, while their Senova sedan was developed using Saab technology.
Story via AutomotiveNews
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