Chery set to build auto plant in Brazil
Shanghai August 10 (Gasgoo.com) Chery Automobile Co., Ltd. is to invest 700 million dollars to build a plant in Jacarei city, Sao Paulo state, Brazil, media reported.
The plant has an annual production capacity of 170,000 units and will be put into operation in 2013. Chery will sign a memorandum with the local government at the end of August.
It is reported that the expansion of Brazil auto market is a main drive for Chery's investment. In 2009, Brazil sold 3.14 million vehicles, up 11% from a year earlier. Brazil Automobile Manufacturers Association (ANFAVEA) predicted that Brazil's sales volume this year will increase 8%.
In 2010-2012, auto makers in Brazil will invest 11.2 billion dollars in introducing new models, new technologies and expanding production capacity. This amount of investment is 38% higher than the total investment in auto industry in 2007-2009.
For the time being, the biggest auto makers in Brazil are Fiat, Volkswagen, General Motors and Ford.
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