SAIC to build its own cars

Shanghai Automotive Industry Corporation (SAIC) is forging ahead to build its own cars in China, despite losing the bidding war for the remaining assets of UK-based MG Rover, the Financial Times reported. The company is set to invest US$444m in a new business that will develop, produce and sell the company's own vehicles and engines. Despite losing the bid to Nanjing Auto, SAIC owns the intellectual property rights to two Rover models, which could become the basis for its future offerings. Most of SAIC's cars are produced by its two joint ventures with Volkswagen and General Motors.