Beijing Auto Company Looking for European Automaker for Takeover

BeijingBeijingChina, 1952 > present1 model
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Automotive Group says that it is evaluating three European automakers for a possible takeover with the help of investment banks. It has not named the companies beyond saying that they are three medium-sized European automakers with good brand image. 

"We want to acquire such mid-sized brands in Europe while the economy is sluggish so we can use their facilities as a production base to expand there," said Dong Haiyang, President of BAIC International Development, which is spearheading the purchase. 

BAIC already has joint ventures with DaimlerDaimlerGermany, 1889 > present12 models
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and HyundaiHyundaiRepublic of Korea, 1967 > present79 models
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in China, but it wants to sell cars internationally. Its goal is to have 400,000 annual units a year by 2020 outside of China.

"We will do everything in our power to explore overseas markets. Establishment of this unit puts us at a new historical threshold," said BAIC Chairman Xu Heyi.

BAIC is not alone when it comes to wanting to expand abroad. SAICShanghaiChina, 1958 > 19792 models
is hoping to use the MGMGUnited Kingdom, 1924 > present37 models
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brand as its foothold in Europe. 

Source: Automotive News Europe