07-14-2006, 05:02 AM
MG Built by a Chinese Company in Oklahoma!
The Daily Auto Insider
Thursday, July 13, 2006
July 2006
Nanjing Automobile (Group) Corp., a Chinese state-owned carmaker, said it is joining with two U.S. investment funds to build MG cars at a new plant in Oklahoma, according to a story in The Wall Street Journal.
Nanjing, which says it has $2 billion in financing for the endeavor, will own 49% of MG Motors North America Inc., with the other 51% being held by the two investment groups, Oklahoma Sovereign Development LLC and Davis Capital LLC, according to a spokesman for MG Motors. American and European operations for MG Motors will be based in Oklahoma City, 90 miles north of the site for the new MG factory in Ardmore, Okla.
Nanjing, which purchased the assets of the bankrupt MG Rover Group last year, plans to build a newly designed MG TF coupe starting in 2008. Nanjing said the coupe would compete with cars like the Mazda Miata, which sells for $20,000 to $25,000.
Nanjing Automobile also owns a former MG Rover plant in the U.K., where it also plans to produce MG-branded vehicles. MG cars will also be built at the company's factories in China.
It also will assemble a convertible TF Roadster version at MG's now-shut factory in Longbridge, England, and three sedan models in China.
MG, which stands for Morris Garages, began in the 1920s and its iconic TC convertible was a big hit in the United States after World War II.
MG was Britain's last independent auto manufacturer but had not produced a new model since 1998. In the 1960s, the company turned out 40 percent of the cars bought in Britain.
The Daily Auto Insider
Thursday, July 13, 2006
July 2006
Nanjing Automobile (Group) Corp., a Chinese state-owned carmaker, said it is joining with two U.S. investment funds to build MG cars at a new plant in Oklahoma, according to a story in The Wall Street Journal.
Nanjing, which says it has $2 billion in financing for the endeavor, will own 49% of MG Motors North America Inc., with the other 51% being held by the two investment groups, Oklahoma Sovereign Development LLC and Davis Capital LLC, according to a spokesman for MG Motors. American and European operations for MG Motors will be based in Oklahoma City, 90 miles north of the site for the new MG factory in Ardmore, Okla.
Nanjing, which purchased the assets of the bankrupt MG Rover Group last year, plans to build a newly designed MG TF coupe starting in 2008. Nanjing said the coupe would compete with cars like the Mazda Miata, which sells for $20,000 to $25,000.
Nanjing Automobile also owns a former MG Rover plant in the U.K., where it also plans to produce MG-branded vehicles. MG cars will also be built at the company's factories in China.
It also will assemble a convertible TF Roadster version at MG's now-shut factory in Longbridge, England, and three sedan models in China.
MG, which stands for Morris Garages, began in the 1920s and its iconic TC convertible was a big hit in the United States after World War II.
MG was Britain's last independent auto manufacturer but had not produced a new model since 1998. In the 1960s, the company turned out 40 percent of the cars bought in Britain.
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