Geely is among the major Chinese carmakers that had an increase in profit margins last year. (Photo : Getty Images)
Chongqing-based automotive manufacturer Lifan launched its latest SUV called the Lifan X50. The small-size SUV will sell for 245,000 pesos or about $16,333.
According to the company's press statement, "October is Lifan X50 month." The model will be available at a special introductory price in Buenos Aires and select Argentinian cities.
Paula Cavicchioli, general director of Lifan Argentina, said, "Since we presented the model (at the 2014 Beijing Auto Show) we have had a very good response from the public. At first glance, the Lifan X50 draws your attention with its attractive design, and when you take into account how well-equipped it is and the price, people are surprised."
This is the third model launched in Argentina. The first two models were the Lifan X60, a larger SUV. It has a 4 -cylinder 1.8 L (1794cc) engine producing 98 kW and torque of 124 pounds per foot.
The X60 was also shown during the Shanghai Auto Show in 2014.
In April, the company brought the Foison Truck to the country. It is a dual-row mini truck that "has more room, (and) stronger load bearing capacity and power", according to the company's statement.
Lifan was founded by Yin Mingshan as a motorcycle repair shop in 1992 in Chongqing. The founder was a former dissident but now has good relations with the Communist Party.
The company's automotive production began when it acquired Chongqing Special Purpose Use Vehicle Manufacturing Co Ltd and built the LF6361/1010 minivan and pickup.
Expansion of Lifan to markets outside China is threatening many car manufacturers, specifically from the U.S. and South Korea.
According to an automotive expert, Michael Dunne, "Car buyers now feel that some Chinese manufacturers offer products that are competitive with foreign brands, but at a lower price. It's not just the Americans who are feeling the heat: Hyundai, Citroen, and Kia sales are also down."
