The manufacturer of Daimler AG and Hyundai Motor Co. vehicles in China. Beijing Automotive Group Co., said that it had established a unit to lead its acquisitions abroad. The first target market is Europe.

According to Beijing Auto Chairman Xu Heyi, "We will di everything in our power to explore overseas markets. Establishment of this unit puts us at a new historical threshold."

There laid out plans of the carmaker include investing 2.5 billion yuan or US$408 million of profit received from abroad with a target of sales of 400,000 units by 2020. The new firm is called BAIC International Development Co will lead the overseas acquisitions and investments activities of the company through international sales of vehicles and parts.

This plans were confirmed by BAIC President Dong Haiyang. In a press conference, Dong said that the company is seeking out European companies as well as investment banks having three medium sized automakers having a 'good brand image'. 

He added, "We want to acquire such mid-sized brands in Europe while the economy is sluggish, so we can use their facilities as a production base to expand there."