In a recent media briefing Beijing Auto’s President, Mr. Xu He Yi remarked that Beijing Auto is prepping to buy a major Western brand in the second half of the year.
Beijing Auto’ Deputy Chairman, Mr. Dong Hai Yang was also present at the media briefing where he commented that Beijing Auto is already working in partnership with international investment firm that will assist Beijing Auto take over a European brand that has considerable brand heritage with existing production capacity. Mr. Dong went onto comment that he plans to use the purchased company as a means to push Beijing Auto’s presence into the European market, Mr Dong did not give out any particular names but he did hint that two companies are currently ‘under research’ by his team.
Xu He Yi believes that Beijing Auto will push themselves as a global automotive brand in the next few years with a greater focus on automotive exports. Xu commented that Beijing Auto will be a leader in high end exports, which indicates that Beijing Auto’s Senova brand, based on older Saab technologies, will be leading the way in paving an export road for Beijing Auto.
Whilst the European brand in question hasn’t yet been revealed by Beijing Auto, Daimler did announce earlier this year that they would take a 12% stake in Beijing Auto with it thought that Beijing Auto would act in a reciprocal manner with the company taking a stake in Daimler, such a move hasn’t yet been announced. Other rumors indicate that PSA might be on the look out for a Chinese investor but it seems that PSA would be too big of a fish for Beijing Auto to bite off just yet.