Beijing Automotive Industry Corporation aims rapidly to expand its operations in China if it wins the race to acquire General Motors' Opel business in Europe.
In a last-minute bid for GM's European operations, submitted last week, the Chinese carmaker outlined a plan to spend $2bn on what would become Opel's first factory in China, several people close to the situation told the Financial Times. In addition, BAIC proposes to shut down GM's Belgian Antwerp plant and cut Opel's workforce across Europe, these people said.
BAIC and financial investor RHJ International have both handed in non-binding offers for Opel, as GM tries to put competitive pressure on Magna, the frontrunner to pick up a majority stake in the carmaker.
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