Chery wins government
approval to set up joint venture in Uruguay
By Tony From:Gasgoo.com September 03
Shanghai - (Gasgoo.com) –
Chery Automobile has obtained government approval to set up a
joint venture in Uruguay, according to state media Xinhua News
With a total investment of $10 million,
Chery’s subsidiary company, Wuhu Bangde Trading Co, will hold 51
percent stake of the joint venture. This is the largest single
investment project Chery has made so far.
Being Chery’s subsidiary company, Wuhu
Bangde is engaged in the manufacturing and sales of automobiles,
auto parts and accessories and providing aftermarket services.
In September 2005, Wuhu set up a branch in Torino, Italy.
As one of China’s fastest growing
automaker, Chery has set up seven overseas plants in less than
(September 3, 2007)