China’s Chery Automobile Plans New Brand for Europe
Chery Automobile Co. says it will introduce a new brand of passenger vehicles in Europe by about 2020.
The first of the vehicles will be a small SUV/crossover that Chery will unveil next month at the Frankfurt auto show. Chery says the unnamed brand will offer hybrid, plug-ins and all-electric models.
Chery has been unsuccessful in selling its 26% stake in Qoros Automotive Co., a 10-year-old Chinese brand its co-owns with Israel Corp. Two years ago Qoros suspended efforts launched in 2013 to establish a presence in Europe. Last February the company announced it was refocusing to become a “new-energy” vehicle maker.
Chery says its new vehicle line will be produced in China and distributed in Europe through alliances with local importers and retailers. Chery also plans to establish local product design and development facilities.
The Chinese carmaker, which sold 700,000 cars last year, has capacity in China to make more than 1 million vehicles per year.
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