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Old 09-18-2007, 10:33 AM   #13
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Default SAIC Changes Its Name

From China Car Times.

Quote:
SHANGHAI Automotive Co Ltd, the listed unit of Chinaís biggest car maker, has been renamed Shanghai Automotive Group Co Ltd, marking the completion of an assets restructure of its parent, the company said in a statement yesterday.

Shanghai Auto, 83.83 percent owned by Shanghai Automotive Industry Corp, sold additional shares to the parent for taking its stake in two venture with General Motors Corp and Volkswagen AG. The move helped Shanghai Auto increase competitiveness by focusing more on car manufacturing instead of auto parts. Shanghai Auto is now responsible for making SAICís self-owned car models including Roewe 750 and other upcoming new products.
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