(Yicai Global) Sept. 7 -- Leading Chinese automaker FAW Car Co. [SHE:000800] has signed an agreement with five investors, including China CITIC Bank Corp. [SHA:601998], at the China-Northeast Asia Expo to set up an overseas investment firm and accelerate investment in countries along the Belt and Road route.
The new company aims to consolidate quality resources to help Chinese companies make strategic, long-term investments, state-owned news agency Xinhua quoted Qiu Xiandong, FAW's deputy general manager, as saying.
The firm will also further develop auto loan and car warranty services in these countries to help cement the group's lead in international markets, Qiu added.
FAW has been exploring markets abroad in recent years and operates in 48 countries across Southeast Asia, Africa, the Middle East and Latin America. It has exported cars and parts worth more than USD766.71 million (CNY5 billion) to date.
The Jilin-based carmaker has built and put into operation 15 cooperative projects in 13 countries along the Belt and Road route, with some 65 percent of its exported products now assembled outside China.
The five investors are Jilin Equity Fund Investment Co., Zhonggai Investment Fund Management Co., China CITIC Bank's Changchun Office, Liaoning Huihua Xinye Trade Group Co. and Jilin Huayang Group Co.