News of June 27, 2001
Qvale Automotive Group Agrees to Sell Assets to MG Rover
SAN FRANCISCO - The Italian subsidiary of San Francisco-based Qvale Automotive Group announced that it has entered into an agreement to sell its assets to fabled British luxury and sports car manufacturer MG Rover. Qvale employs 70 people, and manufactures the Mangusta sports car at its factory in Modena, Northern Italy.
The agreement reunites the Qvale name with MG, a pairing which began in 1947. At that time, legendary importer Kjell Qvale, father of Qvale Automotive President Bruce Qvale, introduced the MG to the Western United States, helping to establish America's love-affair with sports cars.
Using the outstanding chassis and engineering of the Qvale project, coupled to a 4.6 litre V8 powertrain producing up to 380hp, MG Rover is designing a new luxury high performance sports car. Today the first design sketch is revealed of the new car code-named MG X80 and styled by MG Rover's world renowned design director Peter Stevens.
The MG X80 will be launched in 2002 giving the MG brand a world class product in the high performance luxury sports car sector. Both coupe and roadster versions are planned with manual and automatic transmissions. The new car will be positioned above the existing MGF roadster, the new MG sports saloons and sports-wagon that will be launched this summer.
Kevin Howe, chief executive of MG Rover said: "The MG X80 will be an excellent fit at the top of our family of MG cars. It also provides an opportunity to look at markets where we are not currently represented. In particular the USA market, the worlds largest sports car market, where we can now seriously evaluate the full potential for the MG brand."
Bruce Qvale, president of Qvale Automotive Group said: "MG Rover showed an interest in our Mangusta car project in Modena and we have agreed a good deal for both sides. The power of the MG brand now takes the project forward on a global basis."
The Company recently acquired the Longbridge based powertrain manufacturing facilities.
(June 19, 2001)