BAIC to buy 'mid to high-end' European or U.S. automaker

To increase global awareness

A Beijing Automotive representative announced the company is interested in acquiring a "mid to high-end" European or U.S. carmaker.

The state-owned automaker has taken this decision as they want to increase their global presence and already have thought of a few candidates although their identity has not been disclosed. Initially, BAIC was searching for a European car company but now they have extended their search to U.S. automakers as well.

President of BAIC International Development Co, Dong, said in a recent media briefing in Beijing that it will take some time until BAIC will make a name for itself into global markets so they consider that by purchasing a foreign car company it will be a shortcut to increase BAIC's exposure around the world.

Source: reuters.com