This certainly is a very interesting expression, and from what I've learnt from online and from a native speaker, it can be used very diversely.
The best I can do is offer the sentence I have which uses this expression, and my translation.
"...hat VW eine neue Mittelklasse-Limousine für den nordamerikanischen Markt auf die Räder gestellt"
The text goes on to say that the new car will appear at a premiere in Detroit, so we know the car has gone through design, all the technical stuff, and it's now at the stage just before it's premier and then it's entering into the market. As such, I translate the expression as "to launch":
"VW launched a new mid-range limousine for the North American market"
I had considered "to put into production" or "to put on the production line", but I thought that the stage of the car is still not quite there, as it is yet to premiere.