Gasgoo.com (Shanghai February 18) - The Chevrolet Malibu has finally made it to China with a price tag of 160,000 yuan ($25,415), the National Business Daily reported today. Shanghai GM hopes that the Malibu, alongside the Buick Regal and LaCrosse, will help strengthen its hold on the mid- and high-end markets.

According to Shanghai GM Vice President Cai Bin, the joint venture plans to sell 150,000 Malibus (pictured) this year. "The Chevrolet brand has officially entered the high-end market," Mr. Cai boasted, adding that with the aid of both Buicks, the JV aims to be very competitive in the luxury segment.

"In the European and American markets, Chevrolet is a global brand [that includes] everything from subcompacts to mid-class series," Mr. Cai said. "[However] in China, Chevrolet is still an economic level brand." He expects that first-generation Cruze owners will aim to move upwards by trading in their old car for the new Malibu.

Mr. Cai also elaborated on the future of the LaCrosse and Regal models. He said that the two models complemented each other well, with the former bringing Buick very close to being able to compete with other luxury brands.