Industry News
Chery to build cars in Uruguay
16th November 2006
The Chinese car manufacturer Chery and the Argentinian group Socma are forming a joint venture, called Chery Mercosur, to assemble two car models in Uruguay next year, with an initial investment of $100 million. The move represents the first entry of a Chinese car manufacturer into a market in the Americas, and follows reports that the Indian SUV specialist Mahindra & Mahindra is planning to enter the U.S. market. Chery will hold a 51% stake in the business, which will target sales in, and source components from, the Mercosur trade bloc, including Brazil and Argentina.
The two models to be assembled are the QQ, a Chevrolet Matiz look-alike mini, and a ‘C’ segment model called Tiggo. Socma owns an assembly plant in Montevideo which used to assemble Fiat and Peugeot cars in the 1990s.
(www.auto-asia.com, 15 November, www.cheryglobal.com)
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