SAIC Rejects Ssangyong Accusations

Shanghai Automotive Industry Corp. (SAIC) dismissed allegations that it had stolen technology from its Republic of Korea (ROK) auto-making affiliate as "totally baseless", claiming the "technology exchange" was a normal commercial activity. "The accusation is totally baseless," said Zhu Xiangjun, SAIC spokesman. "The technology exchange between SAIC and the ROK's Ssangyong Motor Company after the merger is normal. All the technology transfers between the two companies were based on contracts, which accorded with international practice."

SAIC, China's biggest automaker, holds 51 percent of Ssangyong. SAIC and Ssangyong focus on different technologies. The main research field of SAIC is a hybrid gasoline engine.

Recently, Ssangyong has fallen into a financial crisis with slow auto sales and a lack of operating funds. SAIC offered a restructuring proposal that included jobs, cost and benefit cuts.

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