CHINA: Chery patient on foreign acquisition
Chinese automaker Chery Automobile is still interested in acquiring a foreign car brand but isn't interested in a major contest to do so, its top executive said on Thursday.
"We may consider a takeover if no one - no other Chinese automakers - are interested. We won't fight for it," chairman Yin Tongyao told Reuters as Chery introduced two new sub-brands in China.
Local rivals Changan Automobile and Geely Auto have shown interest in Ford's Volvo, according to recent media reports though Geely has denied this.