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First step of NAC and SAIC groups towards partnership

27th July 2007 Print
It is announced officially today that NAC Group, the parent company of Nanjing Automobile Corporation (UK) Limited (NAC UK) has signed a letter of intent on cooperation with SAIC Group that will see the two companies seek for a commercial partnership in the near future.

The two companies share a common vision to jointly build an automotive group that will become the largest, world class automotive group in China with the resources to develop a highly effective global development strategy.

In order to effectively integrate and make the best use of the joint resources of the two companies, there will be a carefully devised strategic cooperation on passenger cars, commercial vehicles and independent brands, as well as automotive parts and component manufacturing.

“The two parties have agreed to an initial exploration of a co-operation,” says Wang Hong Biao, Chairman of NAC UK. “The parties have signed a letter of intent and will now seek to explore all future opportunities and strategies. Any future plans will only serve to strengthen the position of each company and its workforce.”

NAC Group is one of the key pioneering automakers in China. The Group and in particular the MG brand, see the future cooperation as a major step in securing and delivering its long term expansion and development prospects.

“SAIC Group is a world-class, highly resourced and business competitive organisation and NAC is a motor company with successful history which is very competent in R&D and manufacturing of a range of vehicles,” says Wang. “As the Chairman of NAC UK, I view this development as a major boost to Longbridge, our workforce and our rapidly developing dealer network. This can only assist and accelerate our delivery of new, world-class vehicles to the UK market and beyond.”

The two companies will now proceed to undertake the due diligence process before making further announcements on the detail of the future cooperation.