Chinese auto giants are geared up to buy out GM and Chrysler

Detroit’s Big Three automakers may need to send a special “no thank you” card to the Chinese people if they end up receiving their requested $25 billion bailout bridge loan from American taxpayers. Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.

In 2007, the Shanghai Automotive Industry Corporation (SAIC) purchased Nanjing Automobile Group, becoming China's largest manufacturer of automobiles. Now they are aggressively expanding into the global market and the situation in the U.S. is just too good to pass up.

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