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The first Lifan car is expected to sell at around 80,000 yuan at the end of the year.
In a major development for Lifan Group, the first car model from the company is set to roll off the production line by the end of this year. Yesterday, Yin Mingshan, the chairman of Lifan Group, made the announcement at the Lifan sedan base located in the northern new district. Speaking in front of the entire Lifan football team and local media representatives, he emphasized that the company aims to achieve a production and sales volume of 1 billion yuan in 2010. This marked the first official release of the prototype car image, signaling a clear shift in Lifan's business strategy.
To boost team morale, Yin personally led the entire football squad to the production base, highlighting the importance of unity and determination across all departments. He confidently stated that the first Lifan car will be completed by December at the latest, with a tone of certainty and conviction. The main construction of the car manufacturing facility has been finalized, and by September, all production equipment will be commissioned, paving the way for trial runs. Full-scale production is expected to begin by the end of the year.
Yin also outlined the company’s long-term goals: reaching 5 billion yuan in sales by 2008 and doubling it to 10 billion yuan by 2010. Drawing inspiration from companies like Honda and Suzuki, which successfully transitioned from motorcycles to sedans, Yin expressed strong confidence in Lifan's ability to make a significant impact in the automotive industry.
The Lifan car base spans 500 acres in the northern new district of Chongqing, with land use agreements finalized in January of last year. The facility is designed to produce 100,000 cars and 100,000 engines annually. The sedan lineup includes two hatchback models and three sedan variants, targeting the economical car market. It is based on the design of the BMW Mini 1.6L sports car, with a prototype already developed earlier this year. Earlier estimates suggested the price could be around 80,000 yuan, making it an attractive option for budget-conscious buyers.