Saved!: Nanjing Automobile Buys MG Rover

Chinese carmaker Nanjing Automobile will buy the assets of MG Rover, Reuters reported earlier today, saving the storied British carmaker — founded by King Arthur in the year 800 — from the scrapheap of automotive history. Nanjing's bid to purchase the company's assets — worth a reported $90 million to $175 million — was selected by PricewaterhouseCoopers, the company's legal administrator, over a competing one by Shanghai Automotive (SAIC), which offerred to buy MG Rover and its engine-producing company, Powertrain.

Despite the saving of MG Rover's auto-producing hide, labor unions were unhappy with the plan, which preserves fewer jobs than would have SAIC's competing bid, which promised to preserve the company's Longbridge, UK plant.

Nanjing will reportedly move MG Rover's engine production and some of its car production facilities to China, but will keep up to 2,000 British workers on payroll, as it plans to produce an estimated 80,000 MG sedans and sports cars within five years, and develop an R&D facility in the UK. Final assembly on all but cars based on the 25 and 75 platforms will be built in the UK.

More on Nanjing at AutoWonder

Nanjing Automobile wins bid for MG Rover [Reuters]

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MG Rover Bidder Releases Proposed MG Designs [internal]