Beijing Automotive Group Co acknowledged it’s on the look out for a “mid to high-end brand” either from Europe or the US, as it moves to secure an international position in the near future.
Dong Haiyang, the boss of Beijing Auto’s international expansion has added details to the expansion plan, which last year only encompassed a search for a European brand – moving now to look for candidates in the US as well.
He added that Beijing Auto already has candidates in its view – as its strive to move out of the domestic market would be very difficult with only its BAIC brand – the difficult state in Europe and of some US nameplates offering good opportunities.
Beijing Auto is only the latest in a series of Chinese automakers seeking foreign expansion – the local market (the world’s biggest now) is becoming increasingly difficult because of foreign brands expansion and restrictions on car sales in the not so distant future to stop pollution.
Among the latest acquisition by Chinese automakers is the well-known 14% stake that Dongfeng took in Europe’s PSA Peugeot Citroen, while in a smaller scale move Geely – already owning the Swedish Volvo – has moved to take ownership of British electric-vehicle startup Emerald Automotive.
by Aurel Niculescu
) - Thursday, April 3rd, 2014 - filed under Industry
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