China's Beijing Auto to spend $4.8 bln on R&D over 3 yrs
BEIJING Dec 23 (Reuters) - Beijing Automotive Industry Holding Corp (BAIC), China's fifth-largest carmaker, said it will invest 33 billion yuan ($4.83 billion) in vehicle development and production over the next three years, following its purchase of technology from GM's [GM.UL] Saab unit.
The company announced the investment figure on Wednesday at a media briefing following its purchase of the Saab intellectual property, including three vehicle platforms.
Earlier in the day, BAIC said it had paid $200 million for the property from Saab, including rights to the vehicle platforms, two engine technologies and two transmission systems. [ID:nTOE5BM00Z] (Reporting by Michael Wei, writing by Doug Young; Editing by Chris Lewis)