Chery to produce luxury sedan?

Chinese automaker Chery is planning to produce a luxury sedan. Codenamed "F11," the sedan could bow as early as 2009. However, the car will not be sold under the Chery brand. Engine choices for the F11 will include a 3.0 liter V6 and a 4.2 liter V8, both designed by Austria's engine manufacturer AVL.

According to Shanghai Securities News, the car will be named Xuanyuan in China and will compete with Lexus, Infiniti, Audi and BMW.

Chery has yet to confirm the report.