Chery wins government approval to set up joint venture in Uruguay

Shanghai. September 3 (Gasgoo.com) – Chery Automobile has obtained government approval to set up a joint venture in Uruguay, according to state media Xinhua News Agency.

With a total investment of $10 million, Chery’s subsidiary company, Wuhu Bangde Trading Co, will hold 51 percent stake of the joint venture. This is the largest single investment project Chery has made so far.

Being Chery’s subsidiary company, Wuhu Bangde is engaged in the manufacturing and sales of automobiles, auto parts and accessories and providing aftermarket services. In September 2005, Wuhu set up a branch in Torino, Italy.

As one of China’s fastest growing automaker, Chery has set up seven overseas plants in less than two years.