March 29, 2010 / 12:34 PM / 9 years ago

Timeline: Chinese automakers chase global profile

(Reuters) - Zhejiang Geely Holding Group, China’s largest private-run car maker, has agreed to buy Volvo cars from Ford (F.N) for $1.8 billion.

Following is a timeline tracing proposed, failed or ongoing global deals by Chinese automakers since last year:

March 18, 2009 - Beijing Automotive Industry Holding Corp (BAIC) said to want U.S. auto parts maker Delphi Corp’s non-core assets.

June 3 - Little-known heavy machinery maker Sichuan Tengzhong Heavy Industrial Machinery unveils tentative deal to buy GM’s Hummer.

June 11 - BAIC interested in Ford’s Volvo car unit.

July 6 - Italian automaker Fiat FIA.MI agrees to 50:50 joint venture with Guangzhou Automobile Industry Group Co Ltd GAIGPA.UL to produce car engines in China.

July 23 - GM GM.UL rejects BAIC bid for its Opel brand.

Aug 1 - BAIC will pay up to $117 million for 40 percent stake in Fujian Motor Industry Group’s 50:50 commercial vehicle venture with Daimler in southeast China.

Sept 8 - SAIC Motor (600104.SS), a GM China partner, may take passive stake in Saab by teaming up with luxury sports car maker Koenigsegg.

Sept 9 - Geely says its parent wants to bid for Volvo, with privately-held Geely Holding Group seeking full ownership.

Sept 9 - BAIC agrees to take minority stake in Koenigsegg as part of the Swedish firm’s purchase of Saab.

Sept 15 - Cash-strapped South Korean automaker Ssangyong Motor (003620.KS) proposes capital writedown that would slash the stake of SAIC, its majority Chinese shareholder.

Sept 16 - Geely shares suspended pending $250 million bond and warrant issue. Geely says not related to Volvo. Geely announces on September 23 that Goldman Sachs will invest $334 million.

Sept 17 - Geely approaches Magna International MGa.TO about possible stake in Opel; Magna refrains for now from any such partnership.

Oct 9 - GM signs deal to sell Hummer to an investment partnership headed by China’s Tengzhong.

Oct 12 - Tengzhong seeks regulatory approval for Hummer buy, aims to close purchase by early 2010.

Oct 28 - Ford chooses Geely as preferred bidder for Volvo.

Nov 30 - BAIC says may still be interested in buying Saab.

Dec 4 - GM and SAIC to set up 50:50 JV to make small cars and commercial vehicles in India. GM also to sell 1 percent stake in existing China JV with SAIC to its partner, giving SAIC control.

December 14 - BAIC acquires some Saab assets, including intellectual property for the 9-5 and 9-3 model platforms and some production equipment.

December 23 - BAIC says it will invest 33 billion yuan ($4.83 billion) in vehicle development and production over the next three years.

January 11, 2010 - China overtakes U.S. as the world’s largest auto market having sold a total of 10.3 million passenger cars in 2009, up 52.9 percent from a year earlier.

February 24 - Beijing rejects Tengzhong’s bid to buy GM’s Hummer brand.

March 28 - Zhejiang Geely Holding Group, buys Ford Motor’s (F.N) Volvo car unit for $1.8 billion, the country’s biggest overseas auto purchase.

Writing by Carl Bagh, Bangalore Editorial Reference Unit; Editing by David Cutler

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