Chery to open 14 new overseas plants by 2010

Shanghai. August 21 (Gasgoo.com) - Chery plans to open 14 new plants overseas and export 600,000 vehicles by 2010, according to Yin Tongyao, chairman and general manager of Chery Automobile.

"Annual sales will rise to a million vehicles by 2010 from 305,000 last year," Yin said.

In the first half of 2007, Chery exported a total number of 52,712 vehicles, representing over 50 percent of China's total car exports.

Currently Chery Auto has seven assembly plants in six countries and regions worldwide. The company has made strategic decisions to build more plants overseas to boost exports instead of relying solely on completely-built vehicle delivery.

In March Chery exported 10,000 vehicles for single month, becoming China's first homegrown automaker to reach this target.

Chery has begun to explore the East Europe and Latin American market while primarily it only sold vehicles in developing countries in Africa and Southeast Asia. The company has also sought opportunities to cooperate with local automakers in the North America and West Europe.
 
Chery will produce its one millionth automobile on August 22, an important milestone in Chinese auto industry.

Chery's recent activities:

At the end of last year, Chery signed a deal with DaimlerChrysler's Group to produce small cars under the Chrysler brand for export to global markets.

In another move, Chery unveiled plans to build high-end vehicles in cooperation with Quantum of Longmont, Colorado in May.

Earlier this month, Chery Auto and Fiat Group Automobiles announced a final agreement that Chery Auto will supply 100,000 units 1.6L and 1.8L gasoline engines for the Fiat cars manufactured globally.

Last week the company announced in a new conference that it will cooperate with Iran's biggest automaker, Khodro Co. and Canadian investment firm Solitac to set up a $370-million plant in Babol in northern Iran.