Real_I_Hate_China
03-13-2007, 11:56 AM
http://www.reuters.com/article/mergersNews/idUSSHA3526820070313
CORRECTED - CORRECTED-(OFFICIAL)-China's Chery forms jv for bullet-proof car
(Corrects the location of the venture to China in first paragraph, after Chery provided a revised statement)
SHANGHAI, March 13 (Reuters) - Chery Automobile Co., DaimlerChrysler AG's (DCXGn.DE: Quote, Profile, Research) partner in China, said on Tuesday it had set up a manufacturing venture with a Uruguay partner to make bullet-proof passenger cars in China.
Chery will provide the technology and take a 70 percent stake in the venture, with Uruguay-based Bognor Automotive Manufacture and Assembly holding the reminder, the Chinese company said in a statement.
Chery said the bullet-proof cars would be based on its mid-range Eastar sedan and sold mostly in overseas markets, although it provided no immediate information on sales or production targets.
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With few production facilities overseas, Chinese car makers, eager to make a name globally, have been teaming up with foreign partners, mostly in developing countries, to make vehicles targeting the local market.
In December last year, Chery reached a landmark deal with DaimlerChrysler enabling it to build vehicles under Chrysler's brand for sale in the United States and Europe.
The mid-sized but fast-growing Chinese automaker has also held talks with Fiat (FIA.MI: Quote, Profile, Research) on expanding their ties following an earlier engine deal, a senior Chery executive told Reuters in October.
Armoring Son of The Orient is quite a risk; The Magnus chassis was never intended for any stretching or substential weight increase. Chery already weakened the Magnus chassis by stretching it by 100 mm; adding armors to it could potentially break the chassis.
There is a good reason why foreign armored vehicles are full size sedans and SUVs that could handle he weight doubling. The Magnus chassis can't take the weight doubling.
CORRECTED - CORRECTED-(OFFICIAL)-China's Chery forms jv for bullet-proof car
(Corrects the location of the venture to China in first paragraph, after Chery provided a revised statement)
SHANGHAI, March 13 (Reuters) - Chery Automobile Co., DaimlerChrysler AG's (DCXGn.DE: Quote, Profile, Research) partner in China, said on Tuesday it had set up a manufacturing venture with a Uruguay partner to make bullet-proof passenger cars in China.
Chery will provide the technology and take a 70 percent stake in the venture, with Uruguay-based Bognor Automotive Manufacture and Assembly holding the reminder, the Chinese company said in a statement.
Chery said the bullet-proof cars would be based on its mid-range Eastar sedan and sold mostly in overseas markets, although it provided no immediate information on sales or production targets.
Reuters Pictures
Photo
Editors Choice: Best pictures
from the last 24 hours.
View Slideshow
With few production facilities overseas, Chinese car makers, eager to make a name globally, have been teaming up with foreign partners, mostly in developing countries, to make vehicles targeting the local market.
In December last year, Chery reached a landmark deal with DaimlerChrysler enabling it to build vehicles under Chrysler's brand for sale in the United States and Europe.
The mid-sized but fast-growing Chinese automaker has also held talks with Fiat (FIA.MI: Quote, Profile, Research) on expanding their ties following an earlier engine deal, a senior Chery executive told Reuters in October.
Armoring Son of The Orient is quite a risk; The Magnus chassis was never intended for any stretching or substential weight increase. Chery already weakened the Magnus chassis by stretching it by 100 mm; adding armors to it could potentially break the chassis.
There is a good reason why foreign armored vehicles are full size sedans and SUVs that could handle he weight doubling. The Magnus chassis can't take the weight doubling.