BAIC to Build US$ 800 Million Car Plant in South Africa

(Beijing) – Beijing Automotive International Corp. (BAIC), one of China's top automakers, said it will build a US$ 800 million auto plant in South Africa, the largest foreign investment in the country in four decades, as Chinese car brands look to expand overseas.

The announcement comes as China's own car industry has slowed sharply in the last two years, making it bloated with excess capacity after years of explosive growth. China is the world's largest auto market, fueled by a huge demand from its burgeoning middle class.