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BMW's China partner has secured a deal to export 3,000 of its self-developed Zhonghua sedans to Europe, marking its first entry into the continent.
Brilliance China Automotive Holdings Ltd. said in a statement seen on Monday that a unit had signed an agreement with German auto trading firm HSO for the exports.
The Hong Kong-listed shares of Brilliance China had dropped nearly 5 percent on Monday morning, lagging a 0.14 percent drop in the benchmark Hang Seng index.
Other Chinese car markers -- such as SAIC, which has tie-ups with General Motors Corp. and Volkswagen AG -- have for years focused on making foreign models in China and are also planning to sell their own-brand cars overseas.
SAIC, China's biggest car maker, said in April that it planned to sell more than 200,000 own-brand cars annually in 2010, with 45,000 going abroad, including to Europe.
In a surprise move in July, Nanjing Automobile Group announced plans to build China's first car plant in the United States, making MG sports models based on technologies acquired from failed British car maker MG Rover.
Other domestic players pushing sales overseas aggressively include Geely Automobile Holdings Ltd. and Chery Automotive Co., which is in talks with DaimlerChrysler to make subcompact cars targeting markets including the U.S. and Europe. |