- Aug 13th 2007 at 6:36PM
Chery planning to set up shop in Iran
As the entire industry looks towards China as a new vehicle for growth, Chinese automakers are investing heavily outside of the country in places as diverse as the Ukraine, Brazil and Egypt. The latest offsite location is Iran, where China's largest automaker Chery Auto has announced plans to build a new $370 million plant in the northern city of Babol.
Chery is partnering with Iran's biggest automaker Khodro, as well as Canadian investment firm Solitac, to start assembly of its compact S21 sedan in the Middle-Eastern country. The cars, which will arrive as knocked-down kits from China, will be sold in Iran and neighboring countries and could be followed by even more models in the near future.
This latest deal is just one of several international ventures that Chery has under its belt. Earlier this month, Fiat announced its plans with Chery to build Alfa Romeos for sale in China and you'd have to be living under a rock to not know about the deal between it and Chrysler to develop a new minicar for eventual sale in the US.
[Source: Detroit News]