Shanghai Automotive gives up stake in Chery - sources

Newswire

SHANGHAI, Nov 20 (Reuters) - Shanghai Automotive Industry Corp, China's number-two auto maker, has unloaded its 20 percent stake in Chery, which is in a piracy dispute with General Motors Corp , industry sources said. Anhui-based SAIC-Chery Automobile Co gave the 20 percent stake to Shanghai Automotive, an equal partner in China ventures with General Motors Volkswagen AG , for free in 2001 in return for the right to use its brand and technology. "Shanghai Automotive has given up, not ...

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