Chery Automobile Corp. and Malaysia Alado Bumi company signed a joint-venture car assembly agreement in Malaysia. Under the agreement, Chery will assembly and manufacture its two flagship cars - the multi-purpose recreational vehicle "B14" and sport utility vehicle "Tiggo" - in Malaysia.
The initial production will be a batch of 200 to 300 cars; and a year later, it will increase to 3,000 cars. The first phase of the joint venture registered 12 million U.S. dollars in capital, with the two sides each holding a 50 percent stake. Malaysia is the first foreign base for the assembly of Chery's right rudder steering wheel vehicles, according to the president of the Malaysian side, Tan Sri Cam Soh Thiam Hong. The company forecasts that 70 percent of prodduced vehicles will be sold in Malaysia; while the rest will be exported to Indonesia, Thailand and Singapore.
By People's Daily Online
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