UCAR INC., a Chinese chauffeured car service provider backed by private equity firm Warburg Pincus LLC, agreed to acquire a 67% stake in auto parts manufacturer Beijing Borgward Automobile for 4.1 billion yuan in cash, DealStreetAsia reported, citing a filing.

The stake is being sold by Changsheng Industrial (Xiamen) Enterprise Management Consulting Co. Ltd., which had acquired the stake for roughly 4 billion yuan from Beiqi Foton Motor, according to the report.

UCAR formed a 10 billion-yuan industry fund in June 2017 to acquire stakes in car manufacturing firms, the publication reported, and the fund led a 2.2 billion yuan investment in electric car startup Xpeng Motors.

As of March 18, US$1 was equivalent to 6.71 yuan.