Chery Auto posts record sales in Egypt

Shanghai January 7 (Gasgoo.com) Chery Automobile Co., Ltd. posted record sales of 18,000 vehicles in 2010 in Egypt, where it has launched five self-developed models, Shanghai Securities News said Friday.

The five Chery-branded models including the A1, A3, A5, Easter and Tiggo has gained the Chinese automaker a market share of 7.4 percent in the country.

Chery sold 12,000 vehicles in the Egyptian market in 2007 and 16,000 in 2008, and saw sales back to 12,000 again in 2009 due to financial crisis.

With the help of its local partner DME, Chery had built 44 sales outlets in Egypt by the end of 2010; and will increase the number to 60-70 by 2014.

Chery's own brand products are well received among those middle class Egyptians. Its A5 sedan is reportedly sold for 110,000 yuan ($16,600) now, a price similar to General Motor's best-selling model Chevrolet Cruze which costs 130,000 yuan ($19,600) there.

The Anhui-based automaker had exported 460,000 vehicles as of November 2010, with total exports expected to break 500,000 units by April 2011, a person responsible for the company's export business told Shanghai Securities News.

In addition, nfdaily.com today says Chery is estimated to report sales to 700,000 vehicles in 2010, aiming to grow its sales by 30 percent this year to 900,000 units. The company's exports will likely hit 150,000 units in the meanwhile.