Beijing Auto Firms IPO

President Wang Dazong said on Friday the company plans to announce a grouping of its passenger vehicle businesses within two months — a crucial preparatory step before floating the unit.

The firm, which produces vehicles in partnerships with Daimler and Hyundai Motor, aims to raise capital to help it expand and quickly move up the ladder, less than half a year since it paid $200 million to buy technologies from General Motors’s GM.UL Saab unit.

Wang said BAIC was in “serious talks” with firms in the automobile industry, both at home and abroad.

Acquisition is always a tool to help a company grow, Wang said, without identifying targets.

BAIC has said it will invest 33 billion yuan ($4.8 billion) in research and development over three years by integrating Saab’s technology to produce self-developed cars with an aim to sell 100,000 such vehicles in 2011.

With the integration of Saab’s technology proceeding as planned, BAIC now expects its sales to climb 21 percent to 1.5 million vehicles this year.

To solve its production constraint, BAIC is building six plants with annual capacity of 1.3 million vehicles that will be made with Saab’s technology, said Wang.

Source : Konaxis

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