Market Chatter: Spain Approves SAIC Car Plant Near Naval Base

MT Newswires Live08-12

Spain has approved SAIC's (SHA:600104) planned car plant near a naval base in the Galicia region despite espionage concerns, Reuters reported Tuesday, citing a ministry spokesperson.

The Chinese automaker's factory is set to produce 120,000 MG vehicles annually from 2028, the report said.

Though Spanish intelligence flagged risks due to the site's 5-kilometer proximity to a NATO-affiliated naval port, the ministry confirmed the green light, the publication said.

SAIC and Galicia's regional government did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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