Chery Forecasts Doubling Exports in 2007
Chery Automobile Co. of China, who just last week signed a production agreement with Chrysler to sell Chery cars in the U.S. under the Chrysler brand in 2008, has stated that they will double their exports in calendar year 2007.
This looks to be a pretty safe bet since Chery reported quadrupling their exports in the first 6 months of 2007. China currently sells their cars in more than 50 countries, most of which are in developing regions. Chery may be the first Chinese car company to enter the U.S. market, by virtue of their agreement with Chrysler.
According to their website, Chery sold 52,712 units internationally during the first half of 2007, an increase of 289% from the same period last year. The current full-year estimate of 100,000 units sold, up from 50,000 sales in 2006, looks to be a cakewalk at this point.
The fifth-largest vehicle producer in China, Chery is in a breakneck race with the other vehicle manufacturers in China to be the first Chinese car company to establish itself as an international brand with sizable overseas sales. The Chinese car companies look to the Korean and Japanese car companies as their models for growth, and are quite keen on emulating their success as exporters. Chery is hoping their recent agreement with Chrysler is an important step forward towards that export goal.
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