Beijing Auto seeks passenger car expansion
- Source: Global Times
- [01:38 December 24 2009]
- Comments
Beijing Automotive aims to make two to three turbo engines and three to four medi-um- and high-end sedans based on Saab technologies within three years, said the document.
"We plans to make 100,000 self-developed vehicles as of 2011, among which two-thirds will be sedans," said Xu, adding two will be launched at the end of 2010.
Xu said the company will finish constructing a passenger vehicle production base in Shunyi, Beijing in 2011. The company will develop new energy vehicles concurrently with traditional-fuel-powered vehicles, Xu added.
Lin Yi, general manager of Beijing Automotive's new energy arm, told the Global times the company will also pursue cooperation on new energy vehicle technology with Saab.
Xu neither confirmed nor denied when asked if Beijing Automotive would buy other assets from Saab.
Dutch luxury carmaker Spyker was in talks to buy Saab from GM, but those negotiations broke down last week. But Russia-backed Spyker said this week it was still interested in a deal for Saab.
Xu told the Global Times Beijing Automotive is working to close a deal to buy a more than 40 percent stake in Fujian Daimler Automotive, a process that has been going on for six months.
Meanwhile, Beijing Automotive is also seeking approval for an IPO.
Beijing Automotive has posted a net profit of 6 billion yuan ($878.77 million) on revenue of 116 billion yuan ($16.99 billion) in 2009, selling 1.24 million vehicles.
