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NAC and SAIC intent on co-op

Nanjing Automotive Corporation UK has signed a letter of intent to cooperate with Shanghai Automotive Corporation on the production of new cars.

In a joint statement, the two Chinese companies said they share a ‘common vision’ to build the largest automotive group in China.

“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 companies announced.

NAC owns the MG brand and sees the future cooperation as a major step in securing and delivering its long term expansion and development prospects. SAIC owns the rights to the Rover name and the design rights to the 25 and 75.

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

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