Car industry tipped for expansion offshore

Anhui province auto industry official Zhang Yi said discussions were ongoing with Pakistan regarding the construction of a car making plant on the subcontinent. Just this week, Chery Automobile said it was planning to assemble cars with a local partner in Malaysia. The biggest China player offshore to date has been Shanghai Automotive Industry Corp (SAIC), which signed an MOU with creditors of South Korea's Ssangyong Motors to buy a 48.9 per cent stake. Two years ago, SAIC paid US$59.7 million to acquire a 10% stake in GM Daewoo Automotive & Technologies Co Ltd, the first overseas acquisition by a Chinese car company.