Chery Automobile is developing a car manufacturing base with an initial investment of CNY2bn (US$293m) in China’s northern city of Dalian.
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Chery, which raised CNY2.9bn through a private placement in June, told Reuters the plant could create synergy with its self-owned vehicle sea transport terminal in the city and benefit its exports.
China’s largest car exporter in the past six years sold 356,000 cars in 2008 with more than a third, or 135,000, for export, it said in a statement.
The production base would have an annual capacity of 200,000 units and construction of the first phase would be finished by 2011, it added.
It sold 286,000 cars in the first eight months of 2009, up 16%, and is expected to sell more than 460,000 this year.
