Thursday, July 12, 2007

Chinese carmaker Chery's exports quadruple in first half year

Chinese carmaker Chery Automobile said its exports quadrupled in the first half of the year, with overseas sales likely to top 100,000 vehicles for the whole year. Its exports soared to 52,712 vehicles in the first six months of this year from 13,548 in the first half of 2006, an increase of 290 percent, the company said in a statement. Chery, based in the eastern Chinese city of Wuhu, sold 30,638 vehicles in the second quarter, up from 22,074 in the first quarter. The 10-year-old flag-bearer of Chinese indigenous brands has accelerated its expansion in the overseas markets in recent years, with exports rising from 18,000 vehicles in 2005 to 500,000 in 2006. The company currently holds a 7.2 percent market share in the domestic market, while it has sold cars to 50 countries, with Russia, Iran, Egypt, Indonesia and Argentina its major markets overseas. To break into the North American and European markets, it signed a cooperation deal last week with Chrysler Group, which would select four to six compact models developed by Chery for exports under Chrysler Group brands. Source: Xinhua


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