Chery Automobile expects access to loans of RMB10bn (US$1.5bn) from the China Export and Import Bank to finance expansion abroad.

The Xinhua News Agency said Anhui Province-based Chery, the largest domestic brand carmaker and China’s fourth largest overall, would use the funds to support its global business, such as increasing exports as well as imports of technology and equipment, according to an agreement.

Chery exported 125,000 cars in the first 10 months of this year, ahead of last year and planned to ships 400,000 to other markets in 2010, according to Xinhua.