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July 4, 2007

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Chery and Chrysler agreed to develop and market Chery cars under Chrysler's badge

Chrysler Group President and CEO Tom LaSorda joined Chery Automobile Co. Chairman and President Yin Tongyue today to finalize the highly anticipated cooperative agreement between the two automakers.

Chery A1

Chinese governmental authorities from the State Development and Reform Commission officially approved the agreement and marked the occasion by hosting a first-of-its-kind signing event. The ceremony was held at Beijing’s Diaoyutai State Guesthouse.

Under the agreement, Chery, based in Wuhu, Anhui Province, China and Chrysler, based in Auburn Hills, Michigan, USA, will work together to develop, manufacture and distribute Chery-made small and sub-compact cars in North America, Europe and other major automotive markets under the Chrysler Group brands.

“This is a win-win for both of our companies, and I am confident this will be a successful relationship,” said Yin. “Chrysler brands are very well known in the U.S. and Europe. We're prepared to work with Chrysler Group to expand their small-vehicle lineup with competitive products and accelerate both our companies' international competitiveness."

Chrysler will identify several small-car models now being developed by Chery in China and work collaboratively to make any necessary branding and regulatory modifications prior to their entry into other markets. Both companies also will jointly develop new globally competitive products based on future Chery small-car platforms.

Strategic growth in international markets – while defending market share in North America – is an important part of Chrysler Group’s Recovery and Transformation Plan.

Today's announcement is not the first milestone for Chrysler in China. Chrysler's relationship with China began 25 years ago when it formed Beijing Jeepģ Corp., the first international automotive joint venture in the country.

Chery A1 inside

Also Chery proved its ability to successfully manage global cooperations. Chery's venture with Quantum, a $743 million venture between Quantum, an American branch of Israel, and Chery, is already in full operation. The venture will target the development of "high-end" sedans.

Photos: Autohome.com.cn

(July 03, 2007)

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