Shanghai Automotive and SAIC Motor have announced that the two companies are setting up a $457.6 million joint venture to produce Shanghai Auto cars based on MG Rover technology. The new cars will be the first to be developed under the Shanghai Auto brand.

Shanghai Auto, General Motors' principal Chinese partner, was beaten out by Nanjing Automobile in its bid to buy MG Rover outright, but it does own the rights to build the Rover 25 and 75 models. The joint venture aims to produce 120,000 cars annually, starting this year with cars based on the Rover 75 (shown above).

[Source: Automotive News]

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