Shanghai General Motors Co., a venture between GM and China's Shanghai Automotive Industry Motor Corp., started to export Chevrolet New Sail autos on Thursday to Chile, the company said in a statement.

Plans are in place to sell the small family sedan to additional markets throughout South America, North Africa and the Middle East, Shanghai GM said.

Launched in January in China, the New Sail is priced as low as 56,800 yuan ($8,540), competing with domestic automakers such as Zhejiang Geely Holding Group and Chery Automobile Co., which have developed a reputation for making inexpensive cars for price-sensitive buyers.

"The New Sail is the first locally developed and manufactured passenger car from an international brand to be exported," Terry Johnsson, Shanghai GM vice president of vehicle sales, service and marketing, said in a statement.

"It represents a breakthrough in our strategy to create products for China and other emerging markets," he said.

Foreign automakers dominate China's lucrative medium-to-high end segment. However, analysts say more multi-national brands will be tempted to move towards the lower-end market, which provide a growth opportunity.