The state owned Shanghai Automotive Industry Corp. (SAIC) announced today that the company will be launching its first ever own-branded car. Until now, SAIC has been developing cars in separate partnerships with both General Motors and Volkswagen, and now it will independently launch its Roewe car on the 24th of this month.

Previously, it was speculated that the SAIC would launch vehicles based on the MG or Rover platforms, but lost out in a bid for the Rover brand to Ford, while its rival, Nanjing Automobile Group, purchased the bulk of Rover's assets. The name for the new has been confirmed as Roewe. A Shanghai newspaper reported that the car would be dubbed the 750E, or Rong Wei, which means “glorious power” in Chinese.

Shanghai Automotive says its new car will start rolling off the assembly line by the middle of next year. Sales in the Chinese market will start soon after. The company also hopes to expand internationally with possible exports to reach the US and Europe by early 2008. Pictured above is a SAIC concept that was designed off a Rover platform.