VW planning new Chinese brand

Volkswagen is planning to launch a new brand specific to the Chinese market, the German newspaper Handelsblatt reports.
The small car - whose name and future Chinese joint venture partner have yet to be decided - will be priced under 8,000 euros ($10,500), Handelsblatt said.
Karl Thomas Neumann, president of Volkswagen China, confirmed to the German newspaper that negotiations are underway.
The president said a domestic brand in China provides Volkswagen an opportunity to tap a new segment.
Martin Winterkorn, CEO of Volkswagen, earlier said the group has plans to launch a domestic brand in China.
Source:China Daily