Carmaker BAIC Group plans to add to its stake in China Auto Rental, consolidating its position as main shareholder in the nation’s biggest car rental company. BAIC will buy an 8.05 percent stake in CAR from the second-largest shareholder Amber Gem Holdings for HKD529 million (USD68.3 million), raising its total holding to 28.91 percent, Beijing-based CAR said in a statement today. Amber Gem is a unit of private equity firm Warburg Pincus. Its stake will fall to 6.7 percent. As a major auto manufacturer in China, BAIC uses its self-built vehicles in its mobility services. Securing the controlling stake in CAR will help the firm expand in the sector. CAR said the deal will be completed alongside BAIC’s agreement last week to buy a 20.87 percent stake in the rental company from major shareholder Ucar for HKD1.4 billion (USD180.6 million). CAR’s former actual controller, Charles Lu, resigned as chairman and non-executive director early last month, dragged down by a fraud scandal at Nasdaq-...