Shanghai, Aug. 26 (Reuters): Top Chinese car maker Saic Motor Corp has reached agreement to buy the rights to the Rover brand from Germany’s BMW, state media said on Friday.
The deal, reportedly worth £11 million, is subject to a decision by Ford Motor Company, which bought the Land Rover brand from BMW in 2000 and has the first refusal on the Rover brand, the official China Daily said, citing BMW insiders.
Saic executives declined to comment.
The company already owns the design rights to two Rover models, Rover 75 and Rover 25, which it bought from failed British car maker Rover last year.
BMW said on Tuesday that it had reached a “binding agreement” to sell the rights to the Rover brand, but did not name the new owner.
The Chinese car company is now making self-developed cars based on the Rover platform, hoping to sell them one day to developed markets including Europe.