Chinese automaker sets up production line in Iran
Shanghai-based automaker SAIC Chery is planning to set up a production facility in the city of Mashhad, in northeastern Iran’s, under a new contract recently concluded with the Islamic Republic’s auto parts producer, SKT Company.
By 2004, the joint Chery-SKT enterprise is hoping to produce 30,000 sedan cars each year, mostly low-end compact passenger automobiles. Chery will be the first Chinese automaker to produce cars overseas.
SAIC-Chery is a joint venture between Chinese state-owned investment funds and Shanghai Automotive Industry Corporation (Group). More than 50,000 Chery cars were sold last year, accounting for 4.4 percent of China's total auto market. — (menareport.com)
© 2003 Mena Report (www.menareport.com)