BAIC plans Opel plant in China, Europe job cuts
Beijing (AFP)BAIC plans Opel plant in China, Europe job cuts
BAIC plans Opel plant in China, Europe job cuts
Chinese auto maker BAIC, which is offering 922 million dollars for a majority stake in Opel, plans to build a plant in China and cut jobs in Europe if its bid succeeds, a report said. In a non-binding offer submitted last week for the German-based unit of General Motors, BAIC proposed to spend two billion dollars on what would become Opel's first factory in China, according to the Financial Times. The plant would come online in 2012 and make Opel models specifically geared towards the China market. In addition, BAIC would use Opel's German plants to export to China, the London-based newspaper said.
The Chinese auto maker also planned to shut down General Motors' Antwerp plant in Belgium and cut Opel's workforce across Europe, the report said, citing unnamed sources close to the matter.
Labels: Automotive Industry, China, EU, Germany, Opel
