Great Wall Motor eying high-end car models

Shanghai, October 20 (Gasgoo.com) Great Wall Motor Co., Ltd (GWM), a homegrown Chinese carmaker based in Hebei province, plans to develop a luxury SUV model as well as a global C-segment car through its A-share IPO plan, a Shanghai Securities News report said today, citing application materials prepared by the automaker.

In the materials submitted to China Securities Regulatory Commission, GWM said it wants to raise 360 million yuan (US$52.7mln) for the SUV project and 380 million yuan for the high-end car.

The luxury SUV will be powered by 3.0L (or above) engines, mated with a 5- or 6-speed transmission. The planned C-segment car will have a 3.3L engine and 6-speed transmission. Both the SUV and C-segment car target global markets.

The IPO plan was initially rejected by the Share Issuance Examination Committee of China Securities Regulatory Commission for the A-share market downturn. Analysts say the two vehicle models are expected to go on sale in 2011 even if they were approved by Chinese securities regulator right now.

GWM's small cars will come to the market sooner than the luxury models. The Coolbear will be launched as its first new model in 2009. Another new Mini SUV, touted as the first 1.3L four-wheel-drive SUV made in China, will too come to market next year.

It is also reportedly developing an A-class car along with Chrysler. The A-class car is to go on sale within one or two years and then to be sold under Chrysler's brand across the globe.