Lifan Auto secures $200 mln global orders

Shanghai, March 13 (Gasgoo.com) Chinese carmaker Chongqing Lifan Automobile Co announced it has signed deals valued about $200 million with more than 100 distributor and dealers from 27 countries, xihuanet.com said today.

Yin Mingshan, founder and head of the Lifan Group, said Lifan Auto plans to speed up its expansion in the overseas markets.

Though faced with the global financial crisis, Lifan Auto exported about 20,000 vehicles to 53 countries in 2008, up 279% year on year(y/y), with sedan exports up 286.48% y/y. The automaker ranked No. 3 spot among Chinese private carmakers in last year's exports. 

Lifan Auto has completed the construction of CKD assembling plants in Russia, Vietnam, and Iran, and SKD assembling plant in Ethiopia. The carmaker is also set to finish its Uruguay CKD plant, its fifth overseas plant for exploring South American market, by the end of this year.

Lifan Auto, founded in 1991, started as a motorcycle company and now has the capacity to produce 2.5 million motorcycle engines and 1 million motorcycles annually. In August 2003 Lifan announced its intent to enter the automotive sector. In early 2006 Lifan produced its first passenger car, the Lifan 520.