Chery plans to further expand its business in Africa by establishing a JV, Chery Overseas Industrial Investment Co., Ltd., with China-Africa Development Fund.

Chery Automobile Board Chairman, Yin Tongyue revealed that the JV will manage the company's existing business in the region. He added, "The joint venture will set up plants or auto financing companies in major African countries. As the only entity, it will manage and hold the rights and interests of all its projects in Africa."

According to the agreement, Chery will invest 55% of CNY 1.26bn (US$197.7m) registered capital secured for the JV. The registered capital will be further expanded to CNY 3.25bn. Further details regarding establishment of the JV are yet to be revealed.