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Re: Chery business news

Chery Auto possible to buy Europe car brand

President and CEO of Chery Automobile Co., Ltd. said yesterday that his company would not rule out the possibility of buying a troubled European auto brand, Beijing Times reported. Volvo is believed to be one of the choices.

Yin Tongyao told the newspaper that Chery Auto is in preliminary talks with several European automakers about a possible acquisition but he declined to comment on whether they include Volvo.

Chery Automobile has contacted several European auto brands, including Ford Motor's Volvo car brand, and is interested in an acquisition, a source with direct knowledge of the matter said today.

Changan Automobile Group and Geely Automobile Holdings Ltd were the other two Chinese automakers rumored as potential buyers of Volvo, but Geely denied such a plan last Thursday.

Chery, the nation's fourth-largest auto maker, received a 10 billion yuan ($1.47 billion) loan to fund its global growth from Export-Import Bank of China (China Eximbank) last December. "We were also granted the flexibility of a credit line by the bank," Yin added.

Chery plans to build a $500-million new assembly plant in north Argentina's Chaco province. The facility will produce 100,000 Chery cars annually, mainly for export to Brazil. Chery already has eight overseas plants in Southeast Asia, Latin America and Eastern Europe.

The automaker reported monthly sales of 3,5000 units last month, up 36.14% year on year and 31.5% month on month, respectively.

Shanghai, February 13 (Gasgoo.com)

BTW, GM is thinking on sale the swedish SAAB...
 

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Re: Chery business news

Chery Auto to release luxury Rich brand in March

February 19, 2009

Shanghai, February 19 (Gasgoo.com) Next month, Chery Auto will release its luxury car brand Rich (Ruiqi), which will have six models put on sale in the high-end auto market, xinhuanet.com said today.

Chery Auto, a Chinese-brand car maker previously famous for its cheap small-car QQ series, has now drawn up its blueprints for developing its own luxury car brands to expand into the high-end market. This year, the company will launch its Rich sedan brand and Weilin commercial car brand. The Rich is seen as Chery's key brand to the luxury car segment.

In 2009, the Chery Rich sedan brand will have six models for launch, and four Chery Weilin brand models will also go to the market. The company has set this year's sales goal of 50,000-60,000 high-end cars. Chery Auto is determined to build up its independent high-end car brands and to boost its luxury brand image.



According to Chery's blueprints, the Chery Rich brand will rival Audi and will also follow Audi's model series to include sedan, hatchback, crossover and SUV models. The Rich car models to be launched this year may be priced between 100,000 yuan ($14,700) and 200,000 yuan. These luxury cars are expected to have Chinese officials as the target consumers.

Chery Auto will launch 15 new models from three platforms in 2009 and will set up four sales companies. The Rich and Weilin brands will share an independent sales network for the sales growth of Chery's emerging high-end car brands.

http://www.gasgoo.com/auto-news/1009403/Chery-Auto-to-release-luxury-Rich-brand-in-March.html
 

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Re: Chery business news

Chery has had the go ahead from the Chinese government to enter the bidding for Volvo. Looks like Geely will be aquiring Saab.
 

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Re: Chery business news

Chery Auto Q1 car sales top 100,000 units

April 10, 2009

Shanghai, April 10 (Gasgoo.com) Chinese carmaker Chery Auto sold 35,000 vehicles in March this year and its sales in the first quarter exceeded 100,000 units, xinhuanet.com reported today.

In the first three months of 2009, Chery Auto successfully shifted the sales focus of its vehicle products from minicar models of the QQ series to mid-sized sedan models led by the Chery A3 and Chery Tiggo.

Chery Auto sold more than 30,000 vehicles in each of the past three months. In January, the company hit a monthly record of selling 35,000 vehicles amid the market downturn, followed by 30,000 units in February and 35,000 units in March.

A company executive said Chery Auto bucked the market trend earlier this year by implementing its "brand, quality, service" strategies, and will continue to boost its sales by introducing more high-quality models and adjusting the sales pattern.

To boost the images and growth of its four strategic passenger vehicle brands -- Chery, Riich, Rely and Karry (minicar), Chery Auto has set up three sales divisions -- Chery Sales Company, Qilin Sales Company (for Riich and Rely), and Karry Sales Company.

The carmaker has announced that it will bring its three sales divisions, 24 new car models to the upcoming Shanghai auto show later this month to present the new image of "Greater Chery."

Chery's car sales fell to 356,000 units in 2008 from 381,000 of a year earlier. The company aims to sell 419,000 cars in 2009.

http://autonews.gasgoo.com/auto-news/1009955/Chery-Auto-Q1-car-sales-top-100-000-units.html
 

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Re: Chery business news

Chery Auto mulls opening factory in Brazil

April 26, 2009

Big Chinese automaker Chery is considering open a 700-million-dollar factor in Brazil to tap into the country's growing market, and to learn more about building biofuel-capable engines, Brazil's Gazeta Mercantil daily reported Friday.

"Our development center is already working on this project," the head of Chery, Yin Tongyao, said.

The plant, which would supply the Latin American market, would be built by 2012 if it goes ahead, he said.

"But before starting a factory in Brazil, we have to develop flex-fuel technology, which we still haven't mastered," he said.

"Flex-fuel" refers to car motors capable of running on biofuel or gasoline, or a mix of both. Almost all new cars in Brazil -- the world's biggest exporter of ethanol, made from sugarcane -- feature such engines.

Chery Brazil chief Luis Curi said the mooted factory would imply an investment of 700 million dollars and would be able to produce between 100,000 and 150,000 cars per year.

Yin said his company, China's biggest independent car manufacturer, intended to sell at least one biofuel-ready Chery model in Brazil next year.

The company will from June this year start offering four gasoline-only models in the country from June. Two of the models will be imported from neighboring Uruguay, where Chery already has an assembly plant, and two directly from China.

The top price in Brazil for a Chery car -- its A3 sedan with all the options -- will be around 44,000 reais (20,000 dollars), Curi said.

Chery vice-president Zhou Biren acknowledged to Gazeta Mercantil that the biggest challenge his and other Chinese automakers faced was overcoming the perception that their vehicles were cheap and badly made.

"It's hard work, but trust is built step by step. The same thing happened with the Japanese and the Koreans," he said.

Chery was China's biggest automobile exporter last year, accounting for more than a quarter of the country's car exports. Chery shipped 135,000 units abroad last year, up 12.6 percent from 2007, according to the China Association of Automobile Manufacturers.

http://www.abc4.com/business/story/...ns-Brazil-factory/rYTt9H6oHUqCAPgzbSSRlQ.cspx

But how is their plant in Turkey going first of all ?
 

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Re: Chery business news

Em português mesmo!

Que venha a Chery!!!!! O grupo JLJ está de parabéns por trazer ao Brasil a maior montadora da China!!!
 

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Chery comes to Brazil in June.
After the arrival of brands and Chana Effa Motors in Brazil, another Chinese carmaker prepares its entry into the country.

The Chery Automobile intends to invest heavily in the Brazilian market, is that both already announced its intention to build a plant here by 2012, even without local set. In Brazil, Chery will operate with the support of the JLJ Group, one of the largest companies in the business of feeding schools.

For now, the brand said that import four models manufactured in Uruguay and China. The first to land in the Brazilian soil is Tiggo, expected to be launched in June.

The sports utility - which caused controversy by visual similarity with previous generations of Honda CR-V and Toyota RAV4 - is equipped with a 2.0 petrol engine of 137 hp and 4x2 traction.

The list of items of range of the model includes air conditioning, hydraulic steering, brakes with anti-lock system (ABS) and dual airbags. The expectation is that Tiggo is sold for approximately 50 thousand reais.

In the following months, the Chery showed that aims to bring the models A3 (in versions hatch and silk), Face and QQ.
http://quatrorodas.abril.com.br/noticias/167483_p.shtml


Chery Auto adds new models to S.Africa lineup
Chinese carmaker Chery Auto is expanding its South African line-up by adding two automatic models to the range, said a Zambian auto website today.

Automatic versions of the QQ3 hatchback and the J5 sedan are the first two of the five new models to be introduced to the South African market this year. All these Chery cars come standard with the Chery three-year/100,000 km warranty.

The entry-level Chery QQ3 0.8 TX hatchback gains a 5-speed electronically controlled automatic transmission that allows for semi-automatic/manual and full automatic modes. And switching between the two modes is simple by pressing the "auto" button next to the gear lever.

The three-cylinder 812 cc engine of the Chery QQ3 model is Euro-III compliant and produces 38 kW at 6,000 r/min and 70 Nm of torque between 3,500 and 4,000 r/min.

The automatic version of the Chery J5 sedan uses a 4-speed transmission that drivers can use either in fully automatic mode or by manually selecting gears by moving the gearlever back- or forwards.

The Chery J5 range is powered by a Euro-III compliant 2.0-liter four cylinder engine producing 95 kW at 5 500 r/min and peak torque of 178 Nm at 4 500 r/min.
http://autonews.gasgoo.com/auto-news/1010466/Chery-Auto-adds-new-models-to-S-Africa-lineup.html
 

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Chery Officially Enters Vietnamese Market

22.04.2009
QQ3, the first Chery model to enter Vietnamese market was ceremoniously launched in Hanoi, the capital city of Vietnam, signifying Chery has successfully entered the 8th market of ASEAN.

Mr. Zhai Leiminh, Political Counselor/ Deputy Head of Mission Chinese Embassy in Vietnam, Mr. Zhang Lianyou, Counselor of Chinese Embassy in Vietnam, Mr. Le Manh Hung, Deputy Minister of Transport Ministry, Mr. Tony Sun, General Manager of Asia Pacific and South Africa Sales Region, Chery International and Mr. Tran Quang Thanh, Director of Vietnam Motors Corporation attended the launching ceremony.

The ceremonious launch of Chery QQ3 aroused great interest of Vietnamese TV stations, websites and newspapers. More than 30 media organizations reported the event, greatly raising the recognition of Chery brand, and positively enhancing Chery’s brand appeal and public credit.

Chery and Vietnam Motor Corporation established cooperative relations on Sept. 12, 2008. From start of CKD project to launch of QQ3, it takes Chery only half a year, making it one of the fastest-operated CKD projects of Chery.



source: cheryinternational.com
 

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Re: Chery business news

Chery to fund new-energy vehicles, 4th plant

June 12, 2009

Shanghai, June 12 (Gasgoo.com) Chery Automobile Co, one of China's largest independent carmakers, said it would use the 2.9 billion yuan ($425 million) capital it raised from domestic investors to fund development of heavy trucks, new energy vehicles along with a fourth production plant project, China Knowledge online reported.

Chery spokesman Jin Yibo told reporters the current global financial crisis will provide Chery good investment opportunities to fund future growth.

Chery announced last week that it raised 2.9 billion capital from investors included Bohai Industrial Investment Fund Management Co., CDH Investments, China Huarong Asset Management Co. and a Shenzhen-based investment fund,

The Anhui-based automaker failed to meet its sales target of 480,000 vehicles last year, selling just 356,000. It is aiming to sell 419,000 vehicles in 2009.

http://autonews.gasgoo.com/auto-news/1010865/Chery-to-fund-new-energy-vehicles-4th-plant.html
 

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Chery Alado, a joint venture founded by China's automobile company Chery and Malaysian partners, unveiled its new CKD (Completed Knocked Down) sports utility vehicles (SUV) in Kuala Lumput on Tuesday.

The newly unveiled CKD cars were TIGGO SUV 2.0L Automatic and 1.6L Manual, the fourth model introduced into Malaysia by Chery.

The Chinese auto maker earlier has introduced into Malaysia three models -- EASTAR MPV CKD, TIGGO SUV CBU (Completely Built Up) and A530 CBU, said Zhou Bi Ren, head of Chery International and Vice President of Chery Automobile.

Cheif Executive Officer of Chery Alado Automobile Sdn Bhd Meng Tao described that the latest 2.0AT TIGGO SUV as a modern, safe and easy-driving city car with advanced technology and complete configuration.

Meng said that the company would continue to introduce new models into Malaysia's market to strengthen the cooperation between China and Malaysia in economy and trade, while constantly contributing to the local automobile industry.

The Chery TIGGO SUV has improved fuel-saving 2.0-liter ACTECO engine and its chasis was designed by Lotus from Britain.

The new car also offered innovative features such as leather seat, dual airbag, cruise control and rear fog lamp to increase driving pleasure and safety performance.

In addition, Chery Alado said that it would bring the TIGGO SUV bullet-proof model into the Malaysian automobile market in the near future.

The company believed that the bullet-proof model has market potential in Malaysia as it has been used to ensure the security and safety of key VVIPs and personnel during the 2008 Beijing Olympics.

Chery Alado Holdings Sdn Bhd was established in May 2008 through a partnership between Chery Automobile Co., Ltd, and Alado Corporation Sdn Bhd to assemble and distribute Chery cars in Completely Built Up (CBU) and Completely Knocked Down (CKD).

This strategic decision strongly reflects Chery's confidence in the long-term better future of Malaysia and also is the first step in their mission to make Malaysia a regional automotive manufacturing hub, the company said.

http://autonews.gasgoo.com/auto-news/1010926/Chery-Auto-launches-new-CKD-SUVs-in-Malaysia.html
 

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Re: Chery business news

Chery Auto crosses Straits to assemble A3 cars


From:China DailyJune 29, 2009Chery Automobile Co, an emerging carmaker from the Chinese mainland, has agreed with Taiwan's Shengrong Auto, a subsidiary of Prince Motors, to make its own brand cars on the island for the local and other markets.

Chery A3 has succeeded in meeting Taiwan's safety standards in a local collision test.

In a statement to China Daily, Chery, based in the eastern city of Wuhu, Anhui province, said it will start to assembly its A3 compact model at Shengrong Auto's plant in Taichung city of Taiwan province at the end of this year with kits from the mainland.

Chery's Riich G6 and G5 mid-sized sedans will also be made in Taiwan next year.

Shengrong Auto will invest heavily to raise the plant's annual manufacturing capacity to a maximum of 100,000 units a year. It will also be the exclusive agent for Chery vehicles in Taiwan.

The two sides also plan to jointly develop all new models in the future.

Chery spokesman Jin Yibo said the A3 succeeded in meeting Taiwan's safety standards in a local collision test in June, helping remove allay Taiwan motorists' doubts on the safety of cars from the mainland marque.

The A3 to be made in Taiwan now has hatchback and notchback versions on the mainland with three engine options: 1.6, 1.8 and 2.0 liters.

The model retails between 70,000 and 100,000 yuan on the mainland.

Chery is one of a few mainland carmakers planning to foray into the Taiwan vehicle market, which is dominated by Japanese brands.

However, new vehicle sales on the island with a population of 23 million tumbled by 29 percent to 229,000 units last year from 2007.

Other Chinese automakers are also planning to foray into the Taiwan market.

A top executive from Geely, the privately-owned carmaker in mainland's Zhejiang province, said it plans to produce its Panda micro car in Taiwan with Yulon Motor Co, another carmaker based in the island.

However, as the first step, Geely will start to export the 1.0-liter Panda to Taiwan through a trading subsidiary of Yulon in the second half of this year.

Foton, a truck and SUV maker owned by Beijing Automotive Industry Holding Corp, is reportedly in talks with a Taiwan auto agent to sell its vehicles in the island.

Taiwan now imposes a 25 percent tariff on vehicle imports and a 12.5 percent duty on spare parts imports.

Chery's Jin said its cars sold in Taiwan will partly use locally-made spare parts in the future since there's a sound spare parts sector in the province.

The mainland's biggest auto exporter is boosting overseas sales mainly through producing abroad.

It now has nine plants in seven foreign countries, including Russia, Ukraine, Egypt, Iran, Indonesia, Malaysia and Uruguay.

Chery Chairman Yin Tongyao said it will have a total of 15 overseas plants this year.

The company announced earlier this year that it aims to sell 156,000 cars abroad in 2009, up from 135,000 units last year.

Chery and US firm Quantum LLC also have set up a joint venture in Wuhu which is to begin production of Chery's high-end cars at the end of this year for domestic and foreign markets.

The venture will have a manufacturing capacity of 150,000 units a year in the first stage.

Chery now has an annual production capacity on the mainland of 650,000 vehicles, 650,000 engines and 400,000 gearboxes .

Its lineup includes micro, sub-compact, compact and mid-sized cars, SUVs and commercial vehicles under the brands of Chery, Riich, Rely and Kerry.
 

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Re: Chery business news

Chery launched A5 1.5L Automatic

Today (Jun 10th, 2009) on the Shenzhen – Hong Kong – Macao International Auto Fair, Chery Auto launched its A5 1.5L Automatic, including Standard, Elite and Luxury edition, priced between 55, 800Yuan and 67, 800 Yuan(I US Dollar = 6.8 Yuan).
Compare to the original model, the new A5 1.5L has no much changes on appearance and shape, the design is not very fashionable, but the new model is more practical and aesthetic.
 

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Re: Chery business news

Chery Sells 20% Stake To Private-Equity Firms

HONG KONG -- Chery Automobile Co. of China has raised about two billion yuan, or $293 million, in fresh capital by selling a 20% stake in the company to local private-equity investors including Bohai Industrial Investment Fund Management Co. and CDH Investments, according to people familiar with the situation.

Chery spokesman Jin Yibo confirmed the scale of the fund-raising and said the company plans to use the money to continue its own development. He declined to provide the names of the investors and said the funds weren't raised to pursue overseas acquisitions. The deal was put together and finalized over the past few months, but hasn't been previously disclosed.

China's automobile industry is facing tough times as a global slowdown has hit Chinese consumers' demand for new vehicles. The sector is in less dire straits than counterparts in the U.S. and Europe, but sales-growth rates have slowed and some auto makers, including Chery, haven't hit sales targets. The fund-raising will help bolster the Anhui-based car maker's balance sheet against shortfalls in sales.

Chery, one of China's largest independent car makers, failed to meet its sales target of 480,000 vehicles last year, selling just 356,000. This year, Chery has lowered the bar for itself amid tougher economic conditions. It is aiming to sell 419,000 vehicles in 2009, Mr. Jin said.

The auto maker made its name by producing the tiny subcompact QQ, one of China's best-selling and least costly cars. That model sells for as little as $4,500. This year, Chery has focused on targeting higher-end buyers by rolling out a new brand of sedan called Riich that is expected to sell for about $30,000 to $44,000.

Chery has been considering plans for a domestic initial public offering of stock in Shanghai, and the investment sets a valuation standard for an offering when Shanghai's exchange reopens to new IPOs.

Mr. Jin said Chery has submitted the IPO application to the China Securities Regulatory Commission. "But last year the market situation was very bad and the CSRC suspended all IPO approvals," Mr. Jin said. "So far we have not heard of any new progress yet."


Bloomberg News

Chery Automobile sold 356,000 vehicles last year, missing its target of 480,000. Above, a Chery QQ at the Shanghai auto show in April.
The investors in the deal are all local funds, reducing the red tape involved in striking such a deal. Domestic yuan funds require fewer government approvals and don't need to convert currency when investing or exiting their investment. China's currency remains tightly controlled, making the exchange of large sums of currency sometimes difficult.

Bohai Industrial Investment Fund Management was created as an experiment at building a local private-equity firm with the backing of Beijing officials and prominent state-owned financial firms. The management company, which is 53%-owned by Bank of China Ltd. and its investment-banking arm, BOC International Holdings Ltd., closed its first fund at the end of 2006, raising a 6.1-billion-yuan war chest for deals.

CDH Investments, which also operates offshore U.S. dollar-denominated funds, is using its five-billion-yuan fund that it began raising last year from local investors, including one billion yuan from China's National Council for Social Security Fund.

Chery also received a financial boost last year when policy lender Export-Import Bank of China agreed to grant 10 billion yuan of loans to Chery.

In 1997 five state-backed investment companies in Anhui province set up Chery Auto with 1.75 billion yuan of capital, according the company's Web site.
 

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Chery Auto sets Brazilian headquarters in St. Paul

July 20, 2009 - Chery Automobile Co Ltd, the largest private auto maker in China, has decided to locate its Brazilian headquarters in St. Paul, Brazil-based Agencia Estado reported on Tuesday.

Chery's Brazilian headquarters will cover an area of 10,000 square meters. The initial vehicle model to be made in the plant will be the Chery Tiggo SUV, according to the report.

Chery Auto, which has been seeking overseas expansion, earlier this month said it planned to build a US$700 million plant in the state of Rio de Janeiro, Brazil. The plant is designed to have an annual production capacity of 150,000 vehicles.

The auto maker earlier said it aims to sell 3,000 vehicles in Brazil per year.

China's Anhui Jianghuai Automobile Co Ltd, a leading bus chassis manufacturer, on Thursday confirmed that it will build a plant at the Acu port complex in the state of Rio de Janeiro.

Ma Deji, Chery's deputy general manager, said in May that the company may raise its annual sales target by 50% to 300,000 units in 2009 if the auto market continues to improve.
Chery enters Brazil market with Tiggo launch

July 20, 2009 - Chinese automaker Chery Auto has recently launched its Tiggo SUV in Campinas, an industrial city in southern Brazil. This is the first Chery vehicle model to sell in Brazil, marking Chery's formal entry into the Brazilian auto market.

The 2.0-liter Tiggo SUV was assembled at Chery's joint venture plant in neighboring Uruguay and imported to Brazil for sale for 49,000 reals ($25,000). Starting at the end of this month, the Chery Tiggo will be sold through 27 local car dealers in 25 Brazilian cities.

In addition to this Tiggo SUV, Chery will also import its QQ and A3 models made in China and the A1 built in Uruguay to the Brazilian market later this year. The four models are expected to sell 10,000 units by the end of 2010.

Chery Auto plans to open a $700-million factory in the state of Rio de Janeiro, Brazil to tap into the country's growing auto market. The plant, to make the Tiggo SUV first, will have an annual capacity of 150,000 vehicles.

Last month, sales of new vehicles in Brazil surged 17.2% year on year, totaling 300,174 units. Sales in the first six months this year rose 3% to an all-time-high of 1.45 million units.

Chery Auto has decided to locate its Brazilian headquarters in St. Paul, Brazil-based Agencia Estado reported last week.
http://www.cherybrasil.com.br/index.php
 

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Test of Chery Tiggo, Face and A3 in Brasil:
http://quatrorodas.abril.com.br/carros/testes/chery-tiggo-face-a3-502897.shtml


Trust secured
Throughout the evaluation, the three of them were comfortable. Even the Face, with its stiffer suspension - essential for maintaining stability, since it has a relatively high body minivan. In the "A3", the highlight is the light direction. In Tiggo, applause for the good insulation and a multilink rear suspension, which is not robust yet proved effective.

In summary, the Chery represents a considerable improvement compared to the first Chinese who arrived in Brazil. But still require care to achieve the standard of national models, especially the Japanese produced here. Chery know it, but want to make worthy of trust. Therefore, says he will give three-year warranty on its line and hired a service company 24 hours to meet all customers "as if in an emergency." Undoubtedly, there are measures that serve as collateral for those who are willing to surf this new wave, but do not have quite so adventurous.
 

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Re: Chery business news

Chery to spend 240 million on R&D in 2010

From China Car Times:
The state owned automotive group, Chery Automobile, are planning to earmark 240 million RMB for R&D funds which will no doubt assist them in their plans to sell 700,000 vehicles in 2010.

Geely have plans to launch an impressive 17 new models in 2010 spread across their 4 sub brands, the M14 coupe, and Riich G3, Riich G6, as well as Reely X3 and X5 models are set to launch. New versions of Chery’s CVT gearbox are also set to launch later this year which will give Chery a boost in the technological department. The soon to be launched Riich G3 is going to be a compact sedan with the choice of 1.6L, 1.8L and 2.0L CVVT engines

Chery also has 9 new engines for 2010, which are a mixture of diesel and gasoline models, which could mean their supposed European expansion is on course for 2010.

On the new energy front, Chery are planning improve their ISG technology, and also plug in hybrid and pure electric technology, all three are expected to reach the mass production stage.
Chery are planning to invest 240 million RMB in R&D in 2010, whilst 2010 income is expected to reach 5 billion RMB. Chery are still working on their new R&D tech center which will be the largest of its kind in Asia when completed later this year, and will mostly focus on developing and designing ‘tomorrows cars’
 

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"Chery Automobile has obtained its business license registration for its first electric vehicle, the Riich M1 EV and is moving to put the vehicle into the demo operation phase.
The Riich M1 EV uses a 336V lithium iron phosphate battery pack. Chery claims that a full charge of the M1's battery will take four to six hours using a 220V plug, but a fast charger would provide an 80 percent charge in 30 minutes.

With a fully charged battery, the model could be expected to run 120-150 kilometers with a 40kW electric motor. On the basis of fuel economy and taking into account the average electricity bill of 0.6 yuan/kWh in China, drivers of the new Riich M1 EV would pay only six yuan (88 cents) for the power consumed"
http://autos.globaltimes.cn/index.html
 
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