BAIC buys auto plant to build new production base
Print Edition
China’s fifth-largest automaker has clinched a deal to buy an auto plant in east China, where it plans to invest billions of yuan to build a new manufacturing base.
Beijing-based BAIC Group, the partner of German automaker Daimler AG and South Korea’s Hyundai Motor, on Wednesday signed a strategic framework agreement with the Zhenjiang city government in Jiangsu Province for the purchase and restructuring of the Zhenjiang Automobile Manufacturing Plant.
Based at the plant, BAIC will invest 15 billion yuan (US$2.42 billion) to build its auto manufacturing base in east China. Construction of the base will be carried out in two phases, according to BAIC.
The base will be capable of producing 150,000 sport-utility vehicles and multi-purpose vehicles annually after the first phase of the project is complete. The second phase will focus on manufacturing medium to high-end passenger cars, new-energy vehicles as well as core auto parts and components like engines.
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