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Beijing Auto looking to acquire a brand in Europe and the U.S.
reuters.com Beijing Automotive Group Co, Daimler AG's Chinese partner, said on Thursday it wants to buy a "mid to high-end brand" in Europe or the United States to boost its global presence and it already has candidates in mind. The state-owned automaker said last year it was seeking to acquire an European brand, but now the search has extended to the United States, according to Dong Haiyang, who heads Beijing Auto's international expansion. It will take time for Beijing Auto to break into global markets with its BAIC nameplate, which is little known overseas, so buying a foreign brand is a shortcut, Dong, president of BAIC International Development Co, told a media briefing in Beijing. to read more: reuters.com
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