Related News
SAIC raises US$1.5b via a placement
By Pan Xiaoyi |
December 16, 2010, Thursday
|
Print Edition
Print Edition
SAIC Motor Corp, China's largest auto group, yesterday said it has raised 10 billion yuan (US$1.5 billion) through a private placement to fund development of self-branded and new-energy cars.
Shanghai Automotive Industry Corp, the company's parent, has agreed to invest about 1 billion yuan for 10 percent of the 7.21 billion additional shares, which were priced at 13.87 yuan apiece. Other investors include steel mill Baosteel Group and garment maker Youngor Group, SAIC said in a statement filed to the Shanghai Stock Exchange.
SAIC, the Chinese partner of General Motors and Volkswagen, earlier said it would spend 5.5 billion yuan to add capacity and roll out eight models of its two self-branded cars - MG and Roewe - as the car maker plans to double sales of its own-branded vehicles to 180,000 units this year.
General Motors has signed a memorandum of understanding with SAIC to negotiate selling MG cars in the United Kingdom through GM's sales network, Reuters reported on Tuesday, citing Kevin Wale, president and managing director for GM's China operations. SAIC plans to start making MG sedans in the UK by the end of this year and sell them across the European Union, its chairman Hu Maoyuan told Reuters.
SAIC has set a target to sell 3 million units this year, up 50 percent from a year ago.
Shanghai Automotive Industry Corp, the company's parent, has agreed to invest about 1 billion yuan for 10 percent of the 7.21 billion additional shares, which were priced at 13.87 yuan apiece. Other investors include steel mill Baosteel Group and garment maker Youngor Group, SAIC said in a statement filed to the Shanghai Stock Exchange.
SAIC, the Chinese partner of General Motors and Volkswagen, earlier said it would spend 5.5 billion yuan to add capacity and roll out eight models of its two self-branded cars - MG and Roewe - as the car maker plans to double sales of its own-branded vehicles to 180,000 units this year.
General Motors has signed a memorandum of understanding with SAIC to negotiate selling MG cars in the United Kingdom through GM's sales network, Reuters reported on Tuesday, citing Kevin Wale, president and managing director for GM's China operations. SAIC plans to start making MG sedans in the UK by the end of this year and sell them across the European Union, its chairman Hu Maoyuan told Reuters.
SAIC has set a target to sell 3 million units this year, up 50 percent from a year ago.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
