BEIJING (XFN-ASIA) - Shanghai VW, a 50-50 joint venture between Volkswagen and China's largest automaker Shanghai Automotive Industry Corp, said it has officially cut prices on one of its flagship models -- the Passat Lingyu -- by 7,000-16,200 yuan.

Prices of the model currently range between 176,800 - 301,800 yuan, said Shanghai VW over the weekend.

The venture sold 216,300 cars in the first half, up 34 pct year-on-year.

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Source: [url=http://www.forbes.com/business/feeds/afx/2007/08/06/afx3989176.html]Forbes[/url]