Economic review

Geely, BAIC deny merger talk

2018-05-16 10:15:00 (Beijing Time)         Global Times

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Chinese vehicle producers Geely Automobile and Beijing Automotive (BAIC) jointly issued on Tuesday a statement to Chinese media denying reports of merger discussions between them, saying such reports are groundless and false.

Reports of Geely negotiating the acquisition of BAIC made the rounds on Chinese media on Tuesday morning. Geely is one of the fastest-growing Chinese automakers, with 1.24 million units sold in 2017. Geely is the owner of Swedish automaker Volvo, and it acquired last year a 9.7 percent stake in German automaker Daimler.