SAIC promises to build JV with Ssangyong

Shanghai, August 5 (Gasgoo.com) China's Shanghai Automotive Industry Corp (SAIC) has reaffirmed its plans to build a joint venture with its Korean subsidiary Ssangyong Motor by 2011.

The second factory of SAIC in Yizheng, Jiangsu Province is reported to be the manufacturing base of the venture. Both Ssangyong Kyron SUV and SAIC's Roewe are expected to be built there.

Ssangyong said on the weekend that its vehicle sales fell 7.4 per cent in July from a year earlier to 10,069 units, an improvement compared with 32.4 per cent decline in June.
 
Domestic sales plunged 24 per cent to 4,409 units during the last month, while exports gained 11.7 per cent to 5,660 units, the company said in a statement.