 Chinese carmakers want to tap into demand for cheaper vehicles |
SAIC, the Chinese carmaker that bought the technology of bankrupt UK firm MG Rover, has unveiled plans to make its own brand of vehicles for export. It expects to make 600,000 SAIC-branded vehicles a year by 2010 and the first model is due to be ready this year.
SAIC, which recently spent 3.68bn yuan ($460m; �263m) on a new production division, said it would spend a further 10bn yuan to increase output.
SAIC said it was planning "more than 30 models" for release between 2007-2010.
The company, which has yet to reveal its new brand name or logo, said its vehicles would be priced between 65,000 yuan and 300,000 yuan.
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