All-new Everus marks motoring milestone

Yu added that the joint venture aims to produce and sell about 442,000 cars this year with the sales goal for Everus about 30,000 to 50,000 units.

Other foreign carmakers are also making similar moves by launching new brands with their Chinese partners.

Nissan Motor Co, in cooperation with China's Dongfeng Motor Corp, unveiled a new brand, the Venucia, in September last year. It plans to have production models on the market in the first half of 2012.

GM's joint venture SAIC-GM-Wuling will start to sell its Baojun-brand cars this year, reportedly at the Shanghai Auto Show next month.

Volkswagen AG is also eyeing the option of developing a new brand at its local joint venture to further tap the potential of the world's largest auto market.

Similar plans also are on the agenda at Ford and Kia's joint ventures, according to media reports.

The trend echoes the government's call for more domestic brand cars and a stronger Chinese auto industry, analysts said.