Beijing Automotive Industry Holding Co (BAIC) has announced it has acquired Saab intellectual property assets in order to produce 9-5 and 9-3 sedans according to Reuters.
The China investment news did not disclose the amount of the asset purchase, but the Chinese investment by BAIC is an important step in paving the way for BAIC to establish its brand in the China auto market.
BAIC is currently China’s fifth largest China producer of cars and is state owned.
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