SAIC Motor to acquire a 28.92% stake in CAR for $245m.

SAIC Motor, a Chinese state-owned automotive design and manufacturing company, agreed to acquire a 28.92% stake in CAR, an auto rental service provider, for $245m. SAIC Motor said it strives to grasp the industrial development trend to speed up the innovative transition from being a traditional manufacturer to being a comprehensive supplier of mobility services and products. As a domestic car rental service provider, CAR boasts mature operation and management experience in a relevant area. Completing the acquisition would help SAIC Motor accelerate its development of mobility service business.