SAIC Wins Bidding for Rover Name

Shanghai Automotive Industry Corp. reportedly has agreed to pay BMW AG £11.5 million ($21.8 million) for the Rover name.

A report in the U.K. paper the Birmingham Post says a press conference will be held on Aug. 22 and a new Rover badge will be shown.

While rival Chinese auto maker Nanjing Automobile Corp. won the rights to manufacture and sell cars under the MG marque last year, BMW retained ownership of the Rover name.

SAIC, China’s largest auto maker, already owns the intellectual property rights to the Rover 75 sedan model and is readying its own brand. Currently, SAIC builds vehicles with General Motors Corp. and Volkswagen AG in China.