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]