| Chinese carmaker SAIC has no plan for acquisitions or listing |
BEIJING, March 9 (Xinhua) -- The president of Chinese carmaker Shanghai Automotive Industry Corp. (SAIC) is denying recent media reports that the company plans to buy into U.S. auto giant Chrysler Group, the China Securities Journal reported on Friday.
"We have never sent representatives to the United States to negotiate a deal for a stake in Chrysler", said SAIC President Chen Hong, adding that his company is focusing on the domestic market.
The state-owned carmaker has no intention of listing on the Hong Kong exchange or on other overseas stock markets, said Chen.
SAIC, one of China's biggest carmakers and a partner of Volkswagen AG and General Motors Corp., became the largest shareholder of the Republic of Korea's Ssangyong Motor Co. in 2004and now holds a 51 percent stake in the money-losing company.
"Ssangyong is expected to perform better this year as its brand marketing improves, production cost decline and productivity increases", said Chen.
SAIC's sales volume rose 27 percent to 1.34 million vehicles last year, including 915,000 passenger cars and 429,000 commercial vehicles, according to the company's website.
The company has received deposits for 4,000 orders for its new high-end Roewe 750 sedan since prices were announced on Jan. 30 this year, said Chen.
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