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Beijing Auto eyes for 2 million vehicles sales by 2010
Shanghai. March 11 (Gasgoo.com) Beijing Automotive Industry Holding Co. aims to sell 2 million vehicles by 2010, and 60 percent of this volume will be own brand vehicles, local newspaper Beijing News reported today.
Beijing Auto chairman Xu Heyi said the company has already decided to make IPO in China's A share market, but not in Hong Kong market. At least some 2 billion yuan ($280 million) would be raised from the A share IPO and the funds will be used to develop own brands.
Xu confirmed that his company plans to achieve one third of the sales target through mergers, but denied that it is seeking a tie-up with Fujian-based Soueast Automotive.
Beijing Auto is also planning to build a new automobile manufacturing base with a total investment of 2 billion Yuan ($275.6 million) in southern China's Hunan province. Beijing Auto has signed a framework agreement with local government of Zhuzhou in Hunan Province late last year.
The new plant, which is scheduled to start operation in 2010, has an initial capacity of 200,000 vehicles per annum.
Upon the completion of the production unit in Zhuzhou, Beijing Auto will have a combined capacity of 1.5 million vehicles by 2010.
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