SAIC Motor completes private share placement
By Andrew, 16 Dec, 2010. 0 Comments
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SAIC Motor Corp. has completed a private share placement that raised CNY10 billion ($1.5 billion) to help n the development of own-brand and new energy vehicles. SAIC is the China partner of General Motors Co. and Volkswagen AG. In SAIC's recent statement to the Shanghai Stock Exchange, its parent, Shanghai Automotive Industry Corp., agreed to buy around 10 percent of the 720.98 million shares in the placement for about CNY1 billion.
SAIC owns the design rights to MG Rover's Rover 25 and Rover 75 cars, and renamed the Rover cars in China as Roewe after taking over the rights in 2005. President Chen Hong said in March 2010 that while most of SAIC vehicles are made with VW and GM, the carmaker plans to sell 180,000 of its own-brand vehicles in 2010.
SAIC also aims to expand a technology center to compete with foreign rivals including Ford Motor Co. and Toyota Motor Corp. in China, which surpassed the United States in auto sales in 2009. [via autonews - sub. required]
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