BEIJING (Reuters) - Top Chinese automaker SAIC Motor Corp (600104.SS) plans to invest 10 billion yuan ($1.51 billion) in its production base in the eastern city of Nanjing in the next five years to boost capacity of its own-brand cars, the China Securities Journal said.
By 2015, the facility where SAIC’s Roewe and MG sedans are made will have an annual capacity of 1 million units, the newspaper said over the weekend.
SAIC is the only Chinese automaker that has managed to make some inroads in the country’s lucrative medium-higher end segment dominated by General Motors (GM.N), Volkswagen (VOWG.DE) and the likes.
In the first 11 months, it sold a total of 146,563 Roewe and MG cars, up 78 percent from a year earlier, company data showed.
$1=6.645 Yuan Reporting by Fang Yan and Tom Miles
