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German luxury carmaker Audi AG unveiled its made-in-China Audi A4 sedan in Shanghai yesterday, hoping to take on rivals in the world's fastest-growing auto market.
The new car, which will be marketed from April 21, is manufactured at First Automotive Works-Volkswagen Automotive Co Ltd, in which Audi owns a 10-percent share.
As an independent brand under the Volkswagen group, Audi was the first luxury car assembled in China. The venture now makes 40,000 Audi A6 cars annually.
First Automotive Works, China's top automaker, owns 60 percent of the venture in the northern province of Jilin, with Volkswagen holding the balance.
"The Audi A4 is the first locally produced mid-size luxury car on the Chinese market, which will further strengthen our leadership in the premium segment," said Erich Schmitt, an Audi board member.
Audi expects the new model, priced between 379,000 yuan (US$45,663) and 559,000 yuan, to attract private customers, who account for about 70 percent of China's total sales, Schmitt added.
The annual production target of Audi A4 is set at 300,000 units and the company will make about 8,000 units this year. It aims to sell 50,000 units of Audi A6 and A4 cars in China this year.
Last month, Audi's major rival BMW AG signed a deal with Brilliance China Automotive Holdings to produce luxury cars in China.
(eastday.com April 9, 2003)
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