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Joint venture for car maker
Last Updated(Beijing Time):2008-01-09 13:13

Chery Automobile Co, a Chinese maker of US$5,000 compact cars, plans to build 150,000 sedans a year through a venture with a unit of Israel Corp as it aims to boost margins by making larger and more profitable vehicles.

The venture with Quantum LLC will sell the cars both domestically and overseas, the National Development and Reform Commission said in a statement posted on its Website yesterday, Bloomberg News reported. Chery plans to set up the 5.8 billion yuan (US$797 million) venture in its home province of Anhui in eastern China, Vice President Jin Yibo said in May.

Chery plans to add larger models as increasing competition in China's car market is squeezing the margins on QQ minicars, its bestselling model. The venture will also give Israel Corp, a holding company controlled by the billionaire Ofer family, a presence in the world's fast-growing major auto market.

Source:Shanghai Daily 
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