NANJING Automobile Group Corp, the Chinese owner of failed British car maker MG Rover Corp, plans to bring back the Austin Healey and Healey nameplates as part of its multi-brand strategy for expanding overseas.
Nanjing Auto signed agreements this week with Healey Automobile Consultants Ltd to revive the two brands, previously owned by MG, according to Lu Qiang, spokesman for the Nanjing MG Automotive Co Ltd.
"Austin and Healey are brands with long histories," Lu said. "These two international brands with strong global recognition will help us sell cars on worldwide markets."
The two brands will be used on sedans and sports cars, which are expected to be made at the company's Nanjing plant, Lu said without giving timetable.
Nanjing Auto outbid Shanghai Automotive Industry Corp, China's largest car maker, to obtain the assets and MG brand from the failed British MG Rover for 50 million pounds (US$87.5 million) in 2005.
The Chinese car maker rolled out two premier sedans and a sports car under the MG nameplate on March 27.
"We will position the three brands at different levels to expand our portfolio and entice Chinese customers," Lu said.
The company's US$2 billion global revival plan for the MG brand also includes a plant in Oklahoma City in the United States and the old MG Longbridge assembly plant near Birmingham, England.
The aggressive revival plan, however, created substantial capital pressure for state-owned Nanjing Auto.
Despite bank loans from national financial institutions, Nanjing Auto has been negotiating with several investors to sell stakes in its interests of MG program over the long term.