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Regional base in UAE for Chery Automobile expected to generate operations volume ofDhs500m
13th December, 2007
Chery Automobile, the largest Chinese automobile maker with its own brand, today announced a joint venture with Auto China Group, a subsidiary of a large conglomerate consisting of UAE, Saudi and North African businessmen, to establish a regional base at the free zone area in United Arab Emirates.
Chery Middle East (the new established platform) will provide automotive distribution, marketing, central parts warehousing facilities.
Commenting on this joint venture, Mr Majed Water, General Manager, Auto China Group, said,
'Chery Middle East will focus on penetrating the low and medium income automotive market buyers in the GCC, Levant and North Africa which is the largest segment in the automotive market in the MENA region. We hope to commence operations within 3 months and we expect the volume of business for the first quarter to exceed Dhs150m, Mr Majed added.
About Chery Automobile:
Chery Automobile Co., Ltd. was founded by five Anhui’s local state-owned investment companies with a registered capital of RMB 1.752 billion in 1997, the construction of which commenced on March 18, 1997. In 2006, it accomplished a sales volume of 305,200, an increase of 62% over the same period of the previous year, and had a share of 7.2% of the Chinese car market, ranking 4th in the Chinese passenger car industry, thus showing its great strength in marching into the first camp of the Chinese car industry having been long monopolized by Chinese-foreign jointly-funded brands and taking a commanding lead among independently managed car enterprises.
Contact:
No 8, Changchun Road,
Economic and Technological Development Zone,
Wuhu, Anhui Province, P.R China
Zip Code: 241009
E-mail: cheryglobal@mychery.com
Tel: +86-(0)553-5923028, +86-(0)553-5922187
Fax: +86-(0)553-5923205
Release link:
http://www.cheryglobal.com
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