NAC President proposes two to three billion fund supports for MG

According to Wang Haoliang, President of Nanjing Automobile (Group) Corporation (NAC), its sub brand MG's auto plant plans to reach the production capacity of 200,000 complete vehicles, 250,000 engines and 100,000 transmissions within five years and finish launching at least one or two new models every year. To achieve this NAC will afford 3.5 billion Yuan as basic a fund.

To release the fund pressure, NAC has already received 500 million Yuan funds from Export-Import Bank of China and also gained profits from two of MG's bases in Britain and China. This year scheduled sales of MG 7-series are 10,000 units, which may bring 2 billion operating income to NAC.

As a representative of The National People's Congress of The People's Republic of China, Wang Haoliang recently proposed support from the National Bank. Wang hopes he can win at least two to three billion Yuan fund support from the government.