BAIC Eyes Three Possible Acquisitions in Europe

Beijing Automotive Industry Group is targeting automotive buyouts in Europe as a means to overseas growth.

BAIC says its investment bankers have found three unidentified medium-size European carmakers with "good brand image" as potential acquisition targets. The company says the region's auto slump makes this the ideal time to buy assets that will enable it to build cars there.

BAIC Chairman Xu Heyi says, "We will do everything within our power" to expand in international markets.

The company has created BAIC International Development Co. to make investments, launch takeovers and oversee foreign sales of cars and parts. The new unit aims to generate annual overseas sales of 400,000 vehicles by 2020.