Warburg Pincus-backed, Chinese chauffeured car service provider, UCAR agreed to acquire 67% stake in auto parts manufacturer Beijing Borgward Automobile for CNY4.1bn ($610m) in cash. The shares will be sold by Changsheng Industrial (Xiamen) Enterprise Management Consulting, which had earlier purchased the stake from Beiqi Foton Motor. The acquisition will further upgrade UCAR's automobile value chain to provide comprehensive services within the industry. It will integrate with Beijing Borgward’s resources to co-create a new retail model through separating production and sales, and redefining new retail sales channels.