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August 22, 2009

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Home » Business » Auto

Chery taps potential in Brazil

CHERY Automobile Co Ltd expects to sell 10,000 vehicles in Brazil by 2010 as it counts on new export markets to counter weak overseas demand elsewhere.

The nation's seventh-largest car maker began exporting its Tiggo sport-utility vehicle to Brazil this week as it officially launched the business in the South American country.

Although Chinese auto sales rebounded strongly in the first half of this year thanks to the government stimulus package, the nation's car makers continued to be active in tapping global markets as they build up their brands globally amid heated competition at home.

Chery, based in Wuhu in Anhui Province, said it would set up 55 dealerships in 14 states in Brazil by the end of this year and expects to sell 2,500 units of the Tiggo SUV, which is equipped with a 2.0-liter engine and sells for US$25,000.

"The Brazil market shows a huge potential," said Zhou Biren, deputy general manager of Chery. "The Tiggo SUV is very price competitive and we are confident to achieve the sales target."

Wang Wei, a senior Chery official, told Shanghai Daily yesterday the car maker is also considering local production in Brazil within three years.

Chery, which also makes the popular QQ subcompact car, earlier said it would spent 2.9 billion yuan (US$425 million) to boost its share in the domestic market and emerging overseas markets.


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