Geely to stop making cheap cars below $5,860

Shanghai, March 11 (Gasgoo.com) Geely Automobile will stop manufacturing cheap vehicles priced below 40,000 yuan ($5,860), said Li Shufu, Geely Chairman, to Beijing Times on March 10.

Geely Automobile, China's major privately-owned carmaker based in Zhejiang, started its car business by making small vehicles valued between 20,000 yuan and 30,000 yuan.

The carmaker launched Geely Panda, priced above 40,000 yuan to supersede the original low-end products. Geely will shift its goal from making the cheapest car to the most safety, environmentally-friendly and energy-efficient car, Li declared.

Geely will roll out eight new models this year, Li said. The carmaker will invest more than one billion yuan in R&D in 2009, according to Li.