Chery Automobiles is to spend JPY3.66bn (US$365.7m) with Subaru to jointly construct a new factory in Dalian, Liaoning, Gasgoo.com reported, citing the Beijing Daily. The news, also reported by several Japanese papers, caused stock prices for Subaru’s parent company Fuji Heavy Industries to hit a record JPY658 ($8.037).
According to Japanese paper Nihon Keizai Shimbun, the Dalian site is expected to produce 50,000 vehicles by the end of first stage construction with second stage expansion increasing output to 150,000. The factory will be the second overseas for Subaru after the United States.
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Subaru’s Chinese 2010 sales rose 63% to 57,000 vehicles and the plans 600,000 worldwide this year. Subaru has been previously linked with other Chinese companies including BAIC, SAIC and Lifan.
