Chinese Automaker Eyes European Brands for Takeover
Beijing Automotive is planning to buy its way into the European automotive market, as the state-owned automaker targets three European manufacturers as potential takeover targets.
The Chinese automaker is seeking acquisitions abroad to help boost its international business and has its eyes on three medium-size automakers with a “good brand image” in Europe, according to the president of the company’s newly established BAIC International Development Co. BAIC president Dong Haiyang recently said at a press conference that the company wants 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.”
Currently Beijing Auto builds its vehicles with Daimler and Hyundai and plans to have $408 million in profit overseas, with a sales target of 400,000 units by 2020. It recently hired Ferrari designer Leonardo Fioravanti to make its brand more appealing, and promises to have world-class vehicles by 2025.
[Source: Automotive News]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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Daimler is ripe for takeover .