Beijing Automobile Co. Ltd approved to start

• Source: Global Times
• [16:24 September 20 2010]
• Comments

Beijing State Capital Office has approved the establishment of the Beijing Automobile Corporation Ltd. recently, which will provide a financing platform for the development of China's self-owned-and-branded vehicles, according to reports from Xinhua Monday.

It will have 6 shareholders, including Beijing Automotive Industry Holding Co., Ltd. with 51 percent of shares, Beijing Shougang Company Ltd. (18.31 percent), Beijing State-owned Assets Management Co. Ltd (13.18 percent), and other three shareholders.

In the next five years, the company plans to launch nine series of autos, including self-owned sedans, SUVs and new energy autos.