Chery to launch cheap convertible for under $12,000

Chery Automobile is planning to launch a low-priced convertible model as part of its new Faira series, priced from around $11,400.

The Faira family of subcompacts -- including hatchback, sedan and crossover models -- was unveiled last week at the Beijing auto show. The Chinese name is fu wa, for the mascot of the 2008 Beijing Olympics.

Chery executive Li Feng said all five Faira models, including the convertible, will go into production in 2009. Prices will start at just over $7,150 for the basic hatchback.

"We want to get into every niche market in the small-car segment," said Li.