Chery set to sell 720,000 cars in '10, up 44%

Shanghai, January 28 (Gasgoo.com) China's leading private carmaker Chery Auto sold more than 500,000 cars last year, up from 356,000 units it sold in 2008, media reported. The company aims to sell 720,000 cars this year, up nearly 44%. 

Last year Chery sold 500,300 vehicles, exceeding its target of 480,000 and becoming the best-selling home-grown brand. The sales volume includes more than 450,000 units sold domestically and nearly 50,000 units exported.

The company has set a target of selling 720,000 cars during 2010, with its Chery and Karry brands each to sell 140,000 units, and the Riich brand to sell 150,000 units. An insider said Chery aims to surpass BYD who has set the 2010 sales target of 800,000 units this year.

Chery Auto will add 400,000 units to its current capacity of 600,000 by setting up its new plants in Dalian and Wuhu cities. The company plans to realize the annual sales target of 1 million vehicles as early as 2011.

In April 2009, Chery Auto added three new brands -- Riich, Rely and Karry. The carmaker remains highly confident of its entry into the mid- to high-end segments in the fast-growing Chinese auto market.