China’s Beijing Automotive (BAIC) Group has agreed to buy a 70% stake in Jiangxi-based mini-vehicle manufacturer Jiangxi Changhe Automobile Company, for CNY60m (US$13m).

The Jiangxi Provincial State-Owned Enterprise Assets Operation (Holdings) Company, which now owns the entire equity of the company after it broke off the partnership with Chang’an Automobile Group, will retain the remaining 30% of the equity. 

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BAIC and the Jiangxi provincial government have agreed to jointly spend CNY13bn by 2017 to help fulfill the company’s potential after disappointing growth during the four years of collaboration with Chang’an Automobile Group.

Production capacity will be doubled to 500,000 units annually, to generate annual revenue of CNY50bn.

A further CNY14bn will be spent between 2018 and 2020 to double annual production capacity to 1m units.

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