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SAIC to invest in SsangYong

SAIC has announced it will invest £227.3 million in SsangYong this year.

Jiang Zhiwei, SAIC deputy CEO said the investment dismissed rumours that SAIC was planning to sell Ssangyong.

"We plan to save new car development costs for SsangYong Motor by cooperating with research centres in China and Europe," he said.

SAIC yesterday increased its stake in SsangYong from 50.9% to 51%.

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