Manufacturing News

China's Chery invests $293 mln in Dalian car plant

Chery Automobile Co, China's largest indigenous carmaker, said it is developing a car manufacturing base with an initial investment of 2 billion yuan ($293 million) in China's northern city of Dalian.

Chery, which raised 2.9 billion yuan through a private placement in June, said the plant could create synergy with its self-owned vehicle sea transport terminal in the city and benefit its exports.

China's largest car exporter in the past six years, sold 356,000 cars in 2008 with more than a third, or 135,000, for export, it said in a statement published on its website.

The production base would have an annual capacity of 200,000 units and construction of the first phase would be finished by 2011, it added.

It sold 286,000 cars in the first eight months of 2009, up 16 percent, and is expected to sell more than 460,000 this year.

Chery has resumed preparations for an A-share listing after China lifted a ban on domestic IPOs earlier this year, but no timetable or details about the size of the offering were available, the Shanghai Securities News said in July.

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