Chery gets 43b yuan credit line from China Development Bank

Reuters (Hong Kong) - China Development Bank has agreed to provide a credit line of 43 billion yuan ($6.58 billion) to support the growth of the country's largest privately-owned automaker Chery Automobile, the official Xinhua News Agency said. 

The money, which will be used during the 12th five year plan ending 2015, will support Chery's research and development, its projects in China and overseas and the development of its markets, it said on Monday.

Chery, China's biggest homegrown automaker, sold a total of 682,060 vehicles in 2010. It is the biggest Chinese passenger car exporter and has plants and production facilities in 16 countries and districts, it added.