FAW to Sell First Oley-Brand Vehicle

China's FAW Group Corp. plans to launch sales of a new compact sedan on April 19, the first model under its new low-price, youth-oriented Oley brand, says Chinese auto Web site Gasgoo.com.

The new car is based on a previous-generation Volkswagen Passat compact. FAW began producing the model last month at its factory in Changchun. It isn't clear whether the car will be called the Oley (Oulang in Chinese).

News reports have speculated that FAW will price the car at 60,000-100,000 yuan ($9,500-$15,800). The company plans to introduce a hatchback variant later.