Chinese automaker FAW Group and its German partner Volkswagen may introduce a new brand for the low-priced market, said a senior executive at FAW.

Qin Huanming, FAW deputy general manager, recently told a local newspaper that both partners are studying the market for small cars priced between 60,000 to 80,000 yuan and plan to develop a new nameplate for the segment.

The brand would likely have four models with combined production of 450,000 to 600,000 units a year, Qin said.