That rumor that Chinese auto manufacturer SAIC wanted a little bit of sumthin-sumthin from the German-American hybrid? According to SAIC, that's just not the case. Automotive News this morning is reporting that Shanghai Automotive spokesperson Chen Hong stated
"We have just floated...on the A-share market through the injection, so we are focusing on improving the A-share company...we need to further improve the quality of our growth instead of further boosting the size of our assets. At the moment, all domestic automakers are working on plans to expand their production as the Chinese market is still growing steadily"
So by injection, we're assuming he meant an injection of $2.4 billion worth of core assets into its newly-listed Shanghai unit rather than...
...whatever super serum the Chinese have created to give them super automotive powers to allow them to take over the world. Yeah, we're really hoping he means the assets thing. Either way, it looks like we can cross SAIC off of the list of potential suitors for the 'merican side of the not-so-much equal merger. Hmm, what is the pundit class going to do now? Wait, I know — come on reporters, let's head back to Germany to get more nonsensical quotes from labor leaders!
China's SAIC focuses on home growth, rules out puchases (sub. req.) [Automotive News]
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