BAIC officially receives 35% shares of FBAC

Recently, BAIC held the share transfer ceremony with Fujian Motor to officially receive 35% shares of FBAC, formerly held by Fujian Motor. The two sides will together hold 50% shares of FBAC. Another 50% shares of FBAC are held by Daimler Hong Kong.
It’s known that the stock right transaction will deepen into the vehicle business to strengthen cooperation between BAIC and Daimler, to complete BAIC’s the national strategic layout and consolidate its leading position.
According to plan, BAIC will start a renewed plan on FBAC, fostering it into a MPV commercial vehicle producing base. It’s learned that FBAC will be led by the management team from BAIC and Daimler, while Fujian Motors will quit the management team.
Currently, FBAC, Daimler’s only light commercial vehicle production base located in Asia and Oceania, also covers most of the products. The four production lines, Viano, V-class, Vito, and Sprinter, all have a selling price between RMB 300,000 and 600,000, belonging to the high-end MPV market.
Experts say Beijing Motor will be the only venture-company of Benz, after this share transfer. Its vehicle models will cover cars, SUV, high-end MPV and buses, forming a full-cover of passenger vehicle brands. In the meantime, high-end MPV products of FBAC, together with middle-and-low-end products of BAIC, will cover the whole MPV market.
Since the share transfer agreement has been assigned just days ago, follow-on work should be carried on until the announcement of Board Resolutions.


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