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Tells history of OPEC whose baic purpose has been to fix prices & hold production at a level to sustain these prices.
The rally is sponsored by the Russian state gas giant Gazprom and the Chinese state car manufacturer BAIC.
But Hyundai also had an exclusive long-term contract with BAIC to make passenger cars in China.
It was so incensed at Daimler's agreement last year with BAIC that it put talks with the Germans on ice although it said this week that it is still discussing potential further cooperation with Daimler on a project-by-project basis.
BAIC is basing its new models on technology bought from Saab, another (now defunct) Swedish premium brand.As Japanese and Korean carmakers have done, Chinese carmakers are also hiring European designers to help make their models distinctive.
BAIC, as the Chinese company is known, is acquiring "certain Saab 9-3, current 9-5 and powertrain technology and tooling," the companies said in a statement.
At the time of the Koenigsegg negotiations, BAIC was said to be offering $200 million to $300 million for the Saab assets it acquired Monday.
She stressed that BAIC is not acquiring the rights to the Saab brand.
"We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles," which will be produced in China.
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In September, it signed a €1 billion ($1.2 billion) deal with Beijing Automotive Industry Holding Company BAICC) to make, from next year, Mercedes cars and trucks in China, with a target of 25,000 luxury cars by 2012.And yet Daimler's efforts in China may threaten another crucial Asian relationship, with South Korea's Hyundai Motor Company.
The greenback has fallen to its lowest level in almost a year against a basket of currencies.Sweden's Koenigsegg, a tiny maker of high-performance cars, said it would sell a minority stake in its business to state-run Beijing Automotive Industry Holdings BAICC).
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