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Nonsense or no nonsense, new round of consolidation not surprising as industry opens wider

“Nonsense!” That was exactly the same response from both Xu Heyi, chairman of Beijing Automotive Industry Group Corp. (BAIC Group) and Yin Tongyue, chairman of Chery Automobile Co., Ltd. over rumors that huge acquisition deals are coming regarding their companies. Xu’s response to the media came on May 15 over reports that

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Global empire grows: Geely acquires strategic stake in AB Volvo, becomes largest shareholder

HANGZHOU – Geely Holding Group’s rapidly expanding global empire just got bigger, literally and figuratively. The private automaker has acquired an 8.2 percent share capital and 15.6 percent voting rights in AB Volvo, becoming the largest shareholder in the leading Swedish manufacturer of trucks, buses, construction equipment, diesel engines, and

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Geely completes acquisition of Terrafugia, first flying car expected to hit market in 2019

HANGZHOU – Geely Holding Group has acquired the operations and assets of Terrafugia, a U.S.-based company focused on the innovation and production of flying cars and future technologies, in its entirety. The companies inked the agreement on November 13, and the deal has received approval from all relevant regulators including

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Great Wall Motor acquires minority stake in Australian lithium developer Pilbara Minerals

WEST PERTH, Australia – Australian lithium developer Pilbara Minerals Ltd. said in a statement on September 28 that it has executed a binding terms sheet with Great Wall Motor Co., Ltd. to further underpin the Stage 2 expansion of its 100 percent-owned Pilgangoora Lithium Tantalum Project in Western Australia. An

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Chinese VC firm GSR Capital to acquire Nissa’s electric battery business

YOKOHAMA – Chinese private investment fund GSR Capital has entered into a definitely sale and purchase agreement with Nissan Motor Co., Ltd. for the sale of its electric battery operations and production facilities, the Japanese automaker said in a statement on August 8. The agreement covers Nissan’s battery subsidiary, Automotive

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