BEIJING, July 21 (Xinhua) -- Major Chinese automaker SAIC Motor Corporation Limited has ended an agreement to acquire stakes of CAR Inc. (CAR), the country's leading auto rental service provider, reported the Xinhua-run Shanghai Securities News on Monday.
According to SAIC Motor, the termination of this deal will not affect the company's operation and development, and will never harm the interests of the company and its all shareholders as the formal agreement has not been signed.
Previously, SAIC Motor announced that its wholly-owned subsidiary SAIC Motor HK Investment Limited plans to acquire no more than 613 million shares of CAR from UCAR and Amber Gem, two substantial shareholders of CAR.
SAIC Motor reported a decline in sales in the first half of the year (H1), but with improved figures for June.
In H1, SAIC Motor manufactured 1.99 million cars, down 30.27 percent year on year. In June, it manufactured 476,744 cars, up 2.6 percent from last year.
(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
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