SAIC Motors Buys 50.3% Stake In Shanghai Diesel Engine Co.

Hot on its heels from the purchase of domestic rival car maker Nanjing Auto –see here, SAIC Motors today announced that it has agreed to pay 923 million yuan ($127 million) to Shanghai Electric Group Co Ltd in order to acquire a 50.32 percent slice of Shanghai Diesel Engine Co. "The purchase will enable SAIC to develop its own engines and complete products with well-established core spare parts