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SAIC Motors says no acquisition plans for 2009

By (Agencies)
Updated: 2009-03-08 13:45

China's SAIC Motor has no plans for acquisitions this year and its key business focus will be optimising current resources, a senior company executive said on Saturday.

China has introduced support measures for the industry, including consolidation of car makers. Worldwide, major auto firms are facing huge pressures amid falling demand.

This has provided buying opportunities for major Chinese car makers, including Shanghai-based SAIC, the largest in the country.

But Chen Hong, the president of SAIC, told reporters on the sidelines of the annual session of parliament the firm had no acquisition targets this year.

"Now we are not interested in acquisitions and we don't have any plans (for acquisitions)," Chen said.

"Major efforts will be put in how to utilise current resources and make the best use of them," he said.

SAIC's January and February sales grew 7.6 percent from a year earlier, mostly helped by stimulus plans, Chen added.

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SAIC Motors says no acquisition plans for 2009