Nanjing Auto signs long-term lease for MG-Rover plant
In the latest episode in the soap opera that is Nanjing Automobile's attempt to revive the MG-Rover
brand, the Asian concern announced that it has signed a 33-year lease for the British marque's idle
facility in Longbridge.
The first year of the lease puts the Chinese automaker on the hook for about $3.14
million this year, on top of the more than $92 million it paid to buy the bankrupt company last year. But before
MG-Rover fans get too excited, other reports
say that the lease has a 6-month exit clause if Nanjing's plans don't work out.
Nanjing has said that it
intends to employ 1,200 workers at Longbridge by 2007, producing sedans and sports cars, but no concrete plans appear to
be on record thus far.
[Source: Reuters UK]
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Reader Comments (Page 1 of 1)
Paul 2:49PM (2/23/2006)
if we are lucky they may soon take over some shuttered gm and ford plants. the americans cant manage them so lets give the chinese the opportunity.
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YUDI 8:14AM (6/26/2006)
PLS GIVE THIS BLACK CAR TO ME I AM REQUESTING YOU. PLS.
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