A Brazilian media report says that Chinese automaker Chery Automobile intends to build a factory in Brazil with a start date for production of 2011.
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Local newspaper O Estado de Sao Paulo cited Chery’s Brazilian representative Luis Curi. According to the report, the company is planning to invest up to US$700m to build a factory with a production capacity of up to 150,000 vehicles per year.
“The decision to install a factory in Brazil was taken two years ago. Chinese executives went to Brazil, studied opportunities and analysed all risks,” Curi said in the report.
The executive said that a precise location for the factory has yet to be decided, according to the report.
Chery is also planning to invest in Argentina.
