SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

SAIC Motor Corporation

Chinese state-owned automotive design and manufacturing giant SAIC Motor Corporation Limited announced that its Hong Kong-based unit SAIC HK is acquiring a 28.92% stake in HK-listed troubled car rental service provider CAR Inc for as much as HK$1.902 billion ($245 million).