Roewe W2 to be sold as SSangyong in Europe

Shanghai Automotive Industry Corp (SAIC)., the parent company of Ssangyong Motor, was reported to release its W2 sports sedan from its independent Roewe marque in Europe next year. But until now SAIC is shying away from giving any details about the matter.

Ssangyong Motor has announced earlier this month the Ssangyong branded sale of Roewe W2 sports sedan in Europe as of next year. The W2 sedan is the production version of the W2 concept car that was revealed at the Shanghai Motor show last month. It will be released in China at the end of this year. SAIC is planning to sell its new cars through a network of Roewe dealers instead of through Ssangyong Motor from 2010.

Ssangyong is reportedly to have secured agreements with its main European distributors to sell SAIC cars staring the end of next year. The franchises will carry SAIC's offensive into Europe until the Chinese company sets up an entirely new network of Roewe-branded dealers in 2010.

SAIC has clinched a final deal to take over the No 4 South Korean auto making firm on October 2004. In the first quarter of 2007, net profit and operating profit of Ssangyong reached 10 million yuan and 30 million yuan, respectively. Insiders predict that Ssangyong may be able to achieve a profit of 146 million yuan by the end of this year.