In the wake of IDB Holding Corp.'s announcement that they are importing Chinese vehicles into Israel, David Lubinski Ltd., Israel's importer of Peugeot and Citroen vehicles, announced yesterday that it has signed an exclusive agreement to import and distribute in Israel the cars of Chinese vehicle manufacturer Shanghai Automotive Industry Corporation (SAIC).
The agreement was signed on September 27 in the presence of top SAIC executives, senior figures in the Chinese government and Shanghai municipality, and Israel's Deputy Consul General in China Amir Latti.
SAIC is the largest vehicle manufacturer traded on the Chinese stock exchange and is one of China's largest industrial companies. SAIC has 34,000 employees and assets of $15 billion. Within China, the company has broad collaborative activities with General Motors and Volkswagen and is considered to be particularly aggressive in acquiring foreign vehicle manufacturers.
IDB Holding Corp. Ltd. subsidiary Clal Industries and Investments Ltd. on September 25 confirmed a "Globes" report that it will import Chinese hybrid and electric cars. The company signed an exclusive franchise agreement with Chinese carmaker BYD Auto Company Ltd.