SAIC Invests In Korean Partner

Chinese carmaker Shanghai Automotive Industry Corp (SAIC) has enhanced its interest in South Korea's Ssangyong Motor by raising its shareholding and ploughing money into product development. SAIC has raised its stake in Ssangyong from 50.9% to 51% through the acquisition of an extra 100,000 shares. In addition, the Chinese manufacturer will spend KRW400bn (US$419mn) on developing new Ssangyong models, which is KRW30bn more than last year.

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