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Group23_CheryBrazil - recovery from the global slowdown...

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Chery Automobile To Build $700 Million Factory In Brazil- Report 245 words 5 August 2010 07:50 Dow Jones Business News DJON English (c) 2010 Dow Jones & Company, Inc. SAO PAULO -(Dow Jones)- Chinese auto maker Chery Automobile Co. will spend $700 million on a plant in Sao Paulo, Brazil's wealthiest state, the local newspaper o Estado de S. Paulo reported in its Thursday edition. The report, which cited an unnamed person close to the company, said the facility will be based in Jacarei city and will have an annual production capacity of up to 170,000 units. The plant is expected to start production in 2013. Chery's executives will signed a memorandum of understanding with local authorities at the end of this month, the report said. The investment planned by Chery came as Brazil's auto industry expands. Brazil industry sold a record 3.14 million vehicles last year, up 11% on the year, reflecting the country's fast
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Unformatted text preview: recovery from the global slowdown. Brazilian Motor Vehicle Manufacturers Association, or Anfavea, expects an increase of 8% in sales in 2010. Auto makers will invest $11.2 billion between 2010 and the end of 2012 on new models, new technologies and expansion , according to Anfavea. By comparison, car makers invested $8.1 billion during the 2007-2009 period. The main auto companies in Brazil are Fiat SpA (FIATY, F.MI), Volkswagen AG (VLKAY, VOW.XE) General Motors Co. and Ford Motor Co. (F).-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; [email protected] [ 08-05-10 0750ET ] Document DJON000020100805e6850003i © 2010 Factiva, Inc. All rights reserved. Factiva http://global.factiva.com/hp/printsavews.aspx?ppstype=Article. .. 1 of 1 10/29/10 3:31 PM...
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