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According to reports, Shanghai Automotive Industry (Group) Co., Ltd. plans to establish a joint venture with British MG Rover Group. SAIC will invest 10 to 1.5 billion euros and hold 70% of the joint venture company. MG Rover will hold another 30%. Shares. A spokesman for MG Rover said: "If this transaction is approved by the Chinese government, the joint venture will be officially launched early next year. We may sign a formal agreement in January next year." Once the project is approved, SAIC Motor will start The joint venture injected capital to fund the joint development plan of both parties. In the future, almost all models of MG Rover will be developed and manufactured in joint ventures of both companies. The basis of the agreement between the parties is that these models will be manufactured at the same time at the Longbridge plant near Birmingham, England and Shanghai. The joint venture plans to produce 1 million cars annually in the UK and China market, 200,000 of which will be produced in the UK and 800,000 in China. A spokesman for MG Rover refused to discuss the details of the deal, but said that the deal covered the joint development of manufacturing and products, as well as the opportunity to produce cars in the Chinese and British markets. MG Rover is the only remaining mass-market automaker in the United Kingdom. The company's Longbridge plant in Birmingham, UK, employs 6,000 people. Its operating performance has been poor in recent years. Peter Bill, vice president of MG Rover, said that the prospects for cooperation are promising. "This is not a merger, but cooperation." MG Rover spokesman stressed that will maintain the independence of the company.
View related topics: SAIC commercial vehicle expansion