Chery Auto aims to sell 10,000 vehicles in Brazil by end-2010

Aug. 24, 2009 (China Knowledge) - Chery Automobile Co Ltd, the largest private auto maker in China, aims to sell 10,000 vehicles in Brazil by the end of 2010 as part of its overseas expansion plan, the Shanghai Daily reported over the weekend.

Chery last week began exporting its Tiggo SUV vehicle to Brazil, officially entering the Brazilian market, and expects new export markets to counter weak demand in existing export markets, according to the report.

The Wuhu-based auto maker said it plans to set up 55 dealerships in 14 states in Brazil and aims to sell 2,500 of the 2.0-liter Tiggo SUVs, which are priced at US$25,000, by the end of this year.

The company may also begin producing its vehicles in Brazil within three years, said Wang Wei, a senior official from Chery Auto.

In July, Brazilian media reported that Chery will set up its Brazilian headquarters in St. Paul, and that the company will produce the Tiggo SUV at a plant there.

Chery has resumed preparations for an A-share initial public offering after its application for a domestic listing in June 2008 was shelved due to a market slump amid the global financial crisis, according to previous report by China Knowledge.