Report: Chinese automaker buys Rover name

BMW has agreed to sell the rights to the Rover nameplate to Chinese automaker Shanghai Automotive, according to the U.K.'s Birmingham Post. The company will pay around over $20 million for the name, the report said. Last year, another Chinese automaker -- Nanjing Automobile -- bought the MG component of the MG Rover organization for $92 million. The Post reported that a new model had been designed, and would be unveiled in the near future.