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NAC and SAIC Explore Moving Toward Partnership
27 July 2007
NAC Group, the parent company of Nanjing Automobile Corporation, has signed a letter of intent to work with SAIC Group to explore a commercial partnership in the near future.
The two companies say that they share a common vision to build an automotive group that will become the largest, world-class automotive group in China with the resources to develop a highly effective global development strategy.
In order to effectively integrate and make the best use of the joint resources of the two companies, there will be a carefully devised strategic cooperation on passenger cars, commercial vehicles and independent brands, as well as automotive parts and component manufacturing.
The two companies will now proceed to undertake a due diligence process before making further announcements on details on future cooperation.
July 27, 2007 in Brief | Permalink | Comments (0) | TrackBack (0)
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