Shanghai Automotive Industry Corporation
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The Shanghai Automotive Industry Corporation (in Chinese: 上海汽车工业(集团)总公司; Pinyin: Shànghǎi Qichē Gõngyè (Jítuán) Zǒnggõngsī; or 上汽, Shàngqi; abbreviated SAIC) is one of the "Big Three" Chinese automakers.
SAIC partnered with General Motors to form Shanghai GM, SAIC-GM-Wuling Automobile, and the Pan-Asia Technical Automotive Center. SAIC also partnered with Volkswagen Group in the formation of Volkswagen Group China.
SAIC owns 20% stake of Chery, another Chinese automaker and in late 2004 took a 49% stake of SsangYong Motor Company.
Brands
Car brands owned by SAIC:- Chery (20%)
- Ssang Yong (49%)
- Shanghai-Sunwin Bus Corporation
- Shanghai-Huizhong Automotive Manufacturing
- Shanghai-Xingfu Motorcycle
- Shanghai-New Holland Agricultural Machinary
- Shanghai-Pengpu Machinary
MG Rover-SAIC Incompleted Negotiation
-->In August 2004, it was learned that SAIC was in talks to buy Britain's MG Rover Group. In November, it was announced that SAIC could take a 70% stake in a joint venture company shared with MG Rover in return for its £1 billion investment.
In March 2005, Shanghai Automotive Industry Corporation (SAIC) and Nanjing Automobile Corporation (NAC) announced their intensions of acquiring 50% and 20% shares of MG Rover respectively.
However, in April 2005, it emerged that SAIC would not proceed with the MG Rover deal, after concerns about the British automaker's financial stability. This news sent MG Rover into administration.
SAIC had claimed that it had already acquired Intellectual Property Rights in some Rover product for £67 million in the autumn of 2004, including the Rover 25, the Rover 75 and the Rover Powertrain K-series engine, but the Administrators advised that there was still interest in saving some other parts of the company, including MG, and Friday, May 13, 2005 was set as the deadline for bids from potential investors. In June 2005, it emerged that SAIC held the rights to the MG TF sports car. Commentators in the British media claimed that the rights were transferred by its former owner, MG Rover, to SAIC accidentally.
SAIC bids for MG Rover assets but on July 22nd 2005, the Nanjing Automobile Corporation purchased the British Group for £53 million.
The company is planning to release both its own version of the Rover 75, but without the Rover name since it belongs to BMW Group.
MGTF.
External links
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