Chery and Argentina joint venture assemble TIGGO in May

Recently, Chery Auto and Argentina SOCMA Group co-invested a joint venture "Chery Socma S.A." The signing ceremony was held in Beijing. The production base is the OFEROL factory in Uruguay, starting assembling TIGGO from May.

This is the first Chinese automobile brand to establish production bases in South America.

The two sides have done all the planning process of SOCMA Group in Uruguay. The main products of the factory are TIGGO and the other model to be determined. Currently the parts and components used in production are mainly from China, Argentina and Brazil. 60% of the parts production will be localized within three years.

Insiders pointed out that Latin America is the largest automobile consumer market followed after North America, EU and China, whether Chinese brand- products could find a foothold somewhere in the Latin American market and the actual impact to the status in the international auto industry can not be underestimated.