SHANGHAI, China — SAIC Motor Corp. launched its first self-developed compact sedan, the Roewe 550, as it tries to challenge overseas rivals in the most competitive market segment in China.
The Roewe 550 underscores SAIC's efforts to speed up the development of its own-brand models, combining research and development efforts at home and abroad.
The nation's largest carmaker says the Roewe 550 was developed from a brand-new platform that it developed entirely on its own after pumping more than $145 million into building its own R&D expertise.
"The introduction of Roewe 550 is a landmark step in SAIC's development of self-branded models, and also marks the increased capability of independent research and development," said Hu Maoyuan, chairman of Shanghai Automobile Industry Corp., parent of SAIC Motor.
The Roewe 550 model is expected to take on the Ford Focus, Honda Civic, Toyota Corolla and Volkswagen Sagitar in the fast-expanding compact segment. The car, which is equipped with a 1.8-liter turbo engine and comes in five versions, will cost from $20,750-$27,500.
SAIC is also reportedly holding talks with Germany's Karmann about assembling the Roewe 550 in Europe.
SAIC, the Chinese partner of General Motors and Volkswagen, established the Roewe brand in 2006 as the Chinese central government encouraged major domestic automakers to roll out more self-branded models to revive the country's auto industry and pave the way toward building a global reputation.
SAIC plans to roll out more than 30 new self-developed models by the end of 2010.
What this means to you: The Roewe 550 could help establish SAIC in major export markets, including Europe. — Vivian Jin, Correspondent
The Roewe 550 underscores SAIC's efforts to speed up the development of its own-brand models, combining research and development efforts at home and abroad.
The nation's largest carmaker says the Roewe 550 was developed from a brand-new platform that it developed entirely on its own after pumping more than $145 million into building its own R&D expertise.
"The introduction of Roewe 550 is a landmark step in SAIC's development of self-branded models, and also marks the increased capability of independent research and development," said Hu Maoyuan, chairman of Shanghai Automobile Industry Corp., parent of SAIC Motor.
The Roewe 550 model is expected to take on the Ford Focus, Honda Civic, Toyota Corolla and Volkswagen Sagitar in the fast-expanding compact segment. The car, which is equipped with a 1.8-liter turbo engine and comes in five versions, will cost from $20,750-$27,500.
SAIC is also reportedly holding talks with Germany's Karmann about assembling the Roewe 550 in Europe.
SAIC, the Chinese partner of General Motors and Volkswagen, established the Roewe brand in 2006 as the Chinese central government encouraged major domestic automakers to roll out more self-branded models to revive the country's auto industry and pave the way toward building a global reputation.
SAIC plans to roll out more than 30 new self-developed models by the end of 2010.
What this means to you: The Roewe 550 could help establish SAIC in major export markets, including Europe. — Vivian Jin, Correspondent
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