Ssangyong Motor Co., South Korea‘s smallest carmaker, announced Monday the launch of its flagship luxury sedan for the first time in China, as the company moves to expand into the world’s largest auto market.
The Chairman W, which is on display at the ninth annual Guangzhou International Motor Show, will officially go on sale Tuesday, the carmaker said.
The CW700 limousine features a 3.6-liter XGi3600 engine and carries a price tag of around 120 million won ($105,200), Ssangyong said, adding it is targeting to sell 150 units next year.
“The launching of the Chairman W is expected to help expand Ssangyong‘s market presence and improve its brand image as a luxury carmaker,” a company executive said.
China saw about 500,000 high-end cars sold last year. Market experts expect the size of the segment could easily double in the next five years.
At present, the Chinese market only accounts for 7 percent of Ssangyong’s exports. The company, owned by Indian sport utility vehicle maker Mahindra & Mahindra Ltd., wants to raise this to 20 percent by 2013.
Ssanyong said it has secured sales contracts with Pang Da Automobile Trade Co. and SCAS Motor Service Co. to better sell its cars. Both Pang Da and SCAS have extensive sales networks across China.
Besides the Chairman W sedan, Ssangyong unveiled its XIV-1 and
SUT-1 concept cars and a total of seven production vehicles at the motor show, which runs through Nov. 28.
