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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's Geely says in bid for GM's Saab By ELAINE KURTENBACH,AP Business Writer AP - Friday, May 8 SHANGHAI - Chinese automaker Geely Automobile Holdings said Thursday it is bidding for General Motors Corp.'s Saab brand, a move that would boost the company's ability to compete overseas. ADVERTISEMENT Staff at Geely's headquarters would not give any details. "You know, it's not finalized yet. It's not convenient to talk about it when the negotiations are ongoing. We'll of course release the news if we get the deal," said Zhang Xiaoshu, an employee in Geely's public relations department. Ailing U.S. auto giant GM plans to sell off or wind down its Hummer, Saab and Saturn units. Geely, based in the eastern Chinese city of Hangzhou, is among several big Chinese automakers viewed as likely candidates to acquire at least one of those brands. It has denied reports it is also bidding for Ford Motor Co.'s Swedish unit Volvo, although the reports persist. Geely executives reportedly recently visited Sweden, further fanning rumors that it plans to bid for one or both of the Swedish automakers. Other Chinese companies named as possible acquirers are Chery Automobile Co., Dongfeng Motor Corp., FAW Group Corp. and SAIC, a partner of GM and Volkswagen AG. Privately owned Geely acquired a 23 percent stake in Manganese Bronze Holdings PLC, maker of London's famed black cabs in 2007 and now runs a joint venture making the vehicles outside Shanghai. It also recently purchased Drivetrain Systems International, a major Australian-based maker of automatic transmissions. Acquiring a well-known brand like Saab would fit with the company's aim of selling cars in the West. So far, like most of its peers, the Chinese automaker has made inroads mainly in emerging markets such as Southeast Asia, the Middle East and South America. Geely's ambitions were on full display at the recent Shanghai Auto Show, where it unveiled three new brands and six new models, including a luxury business limousine strikingly similar to a Rolls Royce. "We have trained thousands of technicians to explore new products and energy technology. We also plan to spend more on research and development of new models," Zhao Fuquan, Geely's deputy general manager told reporters on the sidelines of the show. "If there are any good overseas assets available, we will consider buying them," Zhao said. Geely, whose shares are traded in Hong Kong, appears to be relatively well-positioned for such purchases: the company reported a nearly 200 percent year-on-year jump in net profit in 2008, to 879 million yuan ($129 million) on revenues of 4.29 billion yuan ($628 million). While total sales rose only 4 percent, to 204,205 units, Geely's exports jumped 80 percent, to 37,940. Meanwhile, the company discarded old, lower priced models as it upgraded its product portfolio. GM has received $15.4 billion in government loans and faces a June 1 deadline to restructure its finances and operations or follow fellow Big 3 automaker Chrysler LLC into bankruptcy court. GM was expected to post big losses when it releases first quarter earnings Thursday in the U.S. Italian automaker Fiat Group SpA's recent offer for General Motors' European operations likely does not include Saab, which is being reorganized under Swedish law and is likely to be separated from the rest of GM's business. ___ Associated Press researcher Ji Chen contributed to this report. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Euro extends gains, hits one-month peak vs dollarReuters - 2 hours 15 minutes ago ECB trims rates, unveils new steps to boost economyReuters - 2 hours 19 minutes ago Russia to switch to cheaper steel coins from copperReuters - 2 hours 42 minutes ago China's Geely Auto says won't bid for Saab, VolvoReuters - Friday, May 8 Related Articles: Business Jo-Ann 1Q same-store sales rise 1 percentAP - 1 hour 16 minutes ago Still scrambling, DuPont cuts 2,000 jobsAP - 1 hour 19 minutes ago Drugmaker Perrigo posts higher 3Q earningsAP - 1 hour 21 minutes ago Bank stress tests show some banks need more fundsAP - 1 hour 24 minutes ago IGT: overallotment option fully exercisedAP - 1 hour 24 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Bank of America needs at least 33.9 bln dlrs Porsche to merge with Volkswagen Berlusconi: My marriage is 'finished or about to finish' Court okays breast removal for transsexual teen: report US commission to probe financial crisis View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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