The Chery Automobile Co, Ltd., China's noted home-brand carmaker, exported 50,000 cars last year, according to company sources.

The record high exports represented a 178 percent surge from 18,000 in 2005, assuring the company's leading position in car export among domestic carmakers.

Chery's car sales climbed 61 percent to 305,236 in 2006, following a 118 percent sales surge in 2005.

China's auto market is booming with the growing disposable incomes of the average citizens in recent years.

Earlier report said that to cash in on the business opportunities, Chery planned its initial public offering in 2008, possibly choosing both the mainland A-share market and the Hong Kong market.

The company, based in Wuhu, eastern Anhui province, has earlier signed a deal with global auto giant DaimlerChrysler AG's Chrysler Group for the Chinese manufacturer to build small cars in the Chrysler Group brands to be sold worldwide.

In October, it signed a memorandum of understanding with Italy's Fiat Auto to supply the latter 100,000 gasoline engines for cars produced both in China and abroad.

Source: Xinhua