SAIC to raise output in Nanjing
Source: Xinhua |
December 25, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI Automotive Industry Corp, China's largest car maker, agreed yesterday to more than triple its annual production at its subsidiary in east China's Nanjing City to 1 million units within five years.
SAIC, a partner of Volkswagen AG and General Motors, signed a memorandum of understanding with the government of Nanjing, capital of Jiangsu Province, to invest 10 billion yuan (US$1.5 billion) to expand output.
The expansion would drive annual auto sales to 100 billion yuan at the Nanjing Automobile (Group) Corp, which was taken over by SAIC in December 2007, the company said in a statement.
Nanjing Auto is expected to produce and sell nearly 300,000 vehicles this year, it said. The figure is twice as high as that in 2007, helping Nanjing Auto's finances return to the black.
Nanjing Auto outbid SAIC to acquire the bankrupt British car maker MG Rover Group and its engine producer, Power Train Ltd, in 2005. SAIC bought the technology for two Rover models and their engines from MG Rover in 2004.
SAIC now produces the MG and Roewe series based on MG Rover's technology.
SAIC, a partner of Volkswagen AG and General Motors, signed a memorandum of understanding with the government of Nanjing, capital of Jiangsu Province, to invest 10 billion yuan (US$1.5 billion) to expand output.
The expansion would drive annual auto sales to 100 billion yuan at the Nanjing Automobile (Group) Corp, which was taken over by SAIC in December 2007, the company said in a statement.
Nanjing Auto is expected to produce and sell nearly 300,000 vehicles this year, it said. The figure is twice as high as that in 2007, helping Nanjing Auto's finances return to the black.
Nanjing Auto outbid SAIC to acquire the bankrupt British car maker MG Rover Group and its engine producer, Power Train Ltd, in 2005. SAIC bought the technology for two Rover models and their engines from MG Rover in 2004.
SAIC now produces the MG and Roewe series based on MG Rover's technology.
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