Beijing Automotive Group, a local partner of Daimler (DAI.ETR) and Hyundai Motor (005380.KRX), released its first vehicle using technology acquired from Saab Motors (SAAB-B.STO) in the lead up to its IPO in Hong Kong, Bloomberg reported. BAIC’s Senova has a retail price of US$22,762 and is the company’s first self-developed medium-to-high-end model car, the company’s president, Han Yonggui, told Bloomberg. Han also said his company is planning to make “world-class” cars by 2025. Reportedly, BAIC hired Hollywood actor Nicholas Cage as its spokesman. Cage is set to do a series of commercials promoting the car that will air next month in China.
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