Shanghai Auto plans five new cars

Shanghai Automotive Industrial Corporation (SAIC) plans to develop five new classes of car over the next five years, the Financial Times reported. In a bold statement about the company's plans, Chairman Hu Maoyan said the group would establish five new car platforms in the mid-to-high-end, middle, SUV, compact and mini categories. SAIC, the largest car-maker in China, began selling its own-brand vehicle last month. The Roewe sedan is based on Rover 75 designs the company bought in 2005. SAIC has, in the past, manufactured cars through joint ventures with Volkswagen and GM. Sales of the Roewe hit about 7,000 in the first few weeks but industry watchers warned the company would have to quickly upgrade its designs. The company will display a car at the Shanghai Auto Show, which starts this weekend, that uses fuel-cells developed by the group under the "Shanghai" brand name.