Chinese Car Maunfacturer Signs Deal with Russian Company
The Chinese automobile manufacturer Chery Automotive Co. (CAC) has signed a partnership agreement with the Russian-based Avtotor to assemble cars in Russia.
Details on the joint-venture are still under discussion, reports Wednesday's Economic Information Daily, quoting a manager from Chery.
Russian media sources confirmed that the news and said Chery also plans to establish a factory with Avtotor if Chery cars are sold successfully in Russia.
Chery estimates that the investment in the new factory will total 200 million US dollars.
Besides Chery, Avtotor also became the partner of Nanjing Yuejin and Zhongxing, two Chinese truck and SUV manufacturers, in July 2005.
Based in East China's Anhui Province, Chery was ranked number one in China for car sales last year, with total sales hitting 185,000 units, 118 percent more than the previous year.
In 2005, Chery exported a record 18,000 cars, the most among China's car manufacturers. Currently, Chery cars are sold in 38 countries outside China.
Details on the joint-venture are still under discussion, reports Wednesday's Economic Information Daily, quoting a manager from Chery.
Russian media sources confirmed that the news and said Chery also plans to establish a factory with Avtotor if Chery cars are sold successfully in Russia.
Chery estimates that the investment in the new factory will total 200 million US dollars.
Besides Chery, Avtotor also became the partner of Nanjing Yuejin and Zhongxing, two Chinese truck and SUV manufacturers, in July 2005.
Based in East China's Anhui Province, Chery was ranked number one in China for car sales last year, with total sales hitting 185,000 units, 118 percent more than the previous year.
In 2005, Chery exported a record 18,000 cars, the most among China's car manufacturers. Currently, Chery cars are sold in 38 countries outside China.
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