"The introduction of a Chinese car into the Israeli market is a significant milestone in the development of the country's automotive sector."
Peugeot Citroen importer David Lubinski today launched the Chinese Shanghai Automotive Industry Corporation (SSE: 600104) (SAIC) vehicle brand in Israel. The company plans to begin marketing the cars in the first quarter of 2010, after all the required regulatory procedures have been completed. There are now agreements for the representation in Israel of all the major Chinese vehicle brands but SAIC will be the first to be marketed.
In the first stage Lubinski will market SAIC's executive car MG550, which has the highest standard of finish. The car is based on technology of British carmaker MG Rover, which SAIC acquired in 2005.
Lubinski CEO Dori Manor said at the launch, "The introduction of a Chinese car into the Israeli market is a significant milestone in the development of the country's automotive sector. The world is changing and we are seeing new markets and manufacturers developing at a rapid rate spearheaded by China."
Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2009
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