China’s SAIC Motor Corp. and Nanjing Automobile Corp. sign an agreement intended to create a national car company and challenge foreign auto makers in China. The two state-owned car companies originally announced in July their intent to form a “complete union” via business cooperation and restructuring. SAIC, China’s largest auto maker, reportedly is paying RMB2 billion ($285 million) for Nanjing’s vehicle and core auto-parts operations, which includes the classic MG brand. In return, ...
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