Feb 24th, 2009 at
10:08 am /
Beijing Automotive Industry Co. (BAIC) today denied media reports it has been talking to Chrysler LLC about purchasing certain assets or technology.
A report appeared in the Chinese Business News, which cited an unnamed Beijing Auto executive as its source, said BAIC was interested in buying some of Chrysler’s manufacturing facilities as was looking to the Beijing city government for financial support.
Chrysler was part of a joint car venture between BAIC and DaimlerChrysler, but pulled out of the agreement after Daimler sold Chrysler to Cerberus in 2007. The Chrysler 300C sedan is still made at the venture.
In December, Chinese newspaper Securities Daily reported that Anhui-based Chery was going to buy assets from Chrysler for its overseas expansion, backed by a 10 billion yuan ($1.46 billion) loan from the Export-Import Bank of China. Both Chery and Chrysler denied the rumor.