Chinese automaker BAIC has started selling its new Senova sedan after acquiring Saab technology in 2009.
The New Senova Image:BAIC |
Beijing Automotive Industry Corp recently launched sales of the Senova, a sedan based on the Saab technology it purchased for $200m back in 2009.
The state-owned automaker is hoping to garner market share from fellow automakers SAIC and FAW in the lucrative mid-size car segment.
In 2012, a Sino-Japanese consortium led by Swedish entrepreneur Karl Johan Jiang bought Saab for an undisclosed amount with a view to producing electric cars. However, the deal came under fire from GM, Saab’s former owner, who were anxious to see their intellectual property safeguarded.
The Senova, however, is based on the 9-5 platform; a model GM has little claim over. The mid-range sedan is priced between 139,800 to 215,800 yuan ($22,500 to $34,000) and is already being sold at 87 franchised dealerships across China.
BAIC are looking to capitalise on their investment, part of an 33 billion yuan vehicle R&D project initiated in 2009, by launching more vehicles based on the 9-5 platform in the future.