New name to go with new look
SHANGHAI Automotive Co Ltd, the listed unit of China's biggest car maker, has been renamed Shanghai Automotive Group Co Ltd, marking the completion of an assets restructure of its parent, the company said in a statement yesterday.
Shanghai Auto, 83.83 percent owned by Shanghai Automotive Industry Corp, sold additional shares to the parent for taking its stake in two venture with General Motors Corp and Volkswagen AG. The move helped Shanghai Auto increase competitiveness by focusing more on car manufacturing instead of auto parts. Shanghai Auto is now responsible for making SAIC's self-owned car models including Roewe 750 and other upcoming new products.
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