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SAIC Motor Wants to Buy the UK Commercial Car Firm

Posted on: Tue, 24 Nov 2009 06:32:00 EST

Symbols: SAIUF

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SHANGHAI, Nov 24, 2009 (SinoCast Daily Business Beat via COMTEX) --
SAIUF | Quote | Chart | News | PowerRating -- SAIC Motor Co., Ltd. (SHSE: 600104), the listed arm of Shanghai Automotive Industry Corporation (Group) (SAIC), has an intention of acquiring the Birmingham-based commercial carmaker LDV along with a local firm, revealed its president, Chen Hong.

In order to fill the wide-bodied light-duty passenger car production blank, the buyer will mainly focus on the intellectual property and related facilities of LDV, but part of the latter's production in the UK will be retained. SAIC Motor plans to export its auto parts to the UK, and then complete the assembly there.

LDV, with the Maxus-series microbus as its core product, is capable of turning out 13,000 complete vehicles per year. Because of losses for recent years, LDV was acquired by a Russian carmaker previously, but its performance went worse amid the global financial turmoil.

As for its partnership with General Motors (GM) to build a plant in India, Mr. Chen said that SAIC Motor expected to march into such a high-potential automobile market in due course indeed. Presently, related sides are in negotiations.

Source: www.163.com (November 24, 2009)

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