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MG, the famed English brand owned by Chinese automaker SAIC Motor Corp., hopes to develop a sports car with capital raised through a crowd-funding program.

MG announced on its Chinese website prior to the Shanghai auto show that it will move forward with the vehicle if it can raise 50 million yuan ($7.7 million) from April 19 to July 31.

Participants in the program are advised to contribute 10,000 yuan.

The sports car, which was displayed at the show, is a battery-electric convertible known as the MG Cyberster.

The car, fitted with a powertrain that offers a maximum output of 330 kW, can reach a speed of 100 kilometers per hour in three seconds and can drive for up to 800 km on one charge.

If MG fails to secure funding, the money will be refunded to participants.

Nanjing Auto, a state-owned Chinese automaker, bought the MG brand from bankrupt U.K. automaker MG Rover in 2005. Two years later, Nanjing Auto was acquired by state-owned SAIC.

SAIC builds vehicles for the MG brand in China, Thailand and India.

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MG looks to crowd funding to finance sports car - Automotive News