Shanghai, March 19 (Gasgoo.com) China's biggest automaker SAIC Motor started production of its self-developed vehicles on March 17 at its new plant in Nanjing, Jiangsu province, rolling out the company's first Roewe 350 car, media reported.
The Roewe 350, an entry-level own-brand car model of SAIC, rolled off the production line at the auto giant's Nanjing plant, located in the city's Pukou district. The production 350 is reportedly equipped with a 1.5L engine, but a 1.5T is apparently in the works as well.
SAIC Motor, who acquired MG-buyer Nanjing Auto in early 2008, will debut the Roewe 350 at the upcoming Beijing show (Auto China 2010) that will start on April 23. The car's prices, to be announced at the event, are estimated at 80,000 yuan ($11,700) to 100,000 yuan.
The Roewe 350 is derived from the Roewe N1 concept car and will compete with cars like the Volkswagen Golf. This self-developed model is strategically important for SAIC's brand and profits, as the fast-growing mid-size segment has the biggest potential in China's auto market.
Sales of SAIC's own-brand vehicles jumped by 153% to 90,000 units last year and may double to 180,000 units this year with four new models to be launched. Still, SAIC's vehicle sales are mostly achieved by its joint ventures with General Motors and Volkswagen AG.
The 2.57 billion yuan ($377 mln) Nanjing plant, SAIC's third for making self-developed vehicles, will have an annual production capacity of 200,000 vehicles and 250,000 engines and will boost SAIC's own-brand vehicle output to about 500,000 units.
