Yes BAIC Group is the abbreviation of the former Beijing Automobile Industry Corporation. In September 2000, it was renamed as Beijing Automobile Industry Holding Co., Ltd., and 20 10 1 was renamed as Beijing Automobile Group Co., Ltd. BAIC was established on September 28th, 20 10. It was jointly initiated by Beijing Automotive Group Co., Ltd., Beijing shougang shares Co., Ltd., Beijing State-owned Assets Management Co., Ltd., Modern Innovation Holdings Co., Ltd., Beijing State-owned Assets Management Center and Beijing Energy Investment (Group) Co., Ltd., with a registered capital of 5.6 billion yuan and more than 22,000 employees. It is a platform for resource aggregation and business development of passenger cars of BAIC Group, and it is the focus of Beijing Municipal Government.