By Gong Zhengzheng (China Daily)
Updated: 2007-09-04 10:49

The carmaker in June clinched a deal with Quantum LLC, an Israeli investment firm based in the US, to build a 150,000-unit venture with an investment of 5.83 billion yuan to make Chery's medium- and high-end cars for global buyers.

Li stressed Chery will offer its "models and technologies" in return for a 55 percent stake of the venture, with Quantum holding the rest for cash.

In July, the Chinese carmaker made an agreement with Chrysler to make small cars in Wuhu under badges from the US group for North American and European markets.

It also inked a deal with Fiat last month to form a 50-50 venture in Wuhu to make Chery, Fiat and Alfa Romeo cars with an annual capacity of 175,000 units.

Chery announced last month that it plans to build seven more plants abroad by 2010 to boost its overseas sales. It now has seven plants in six countries including Iran, Uruguay, Egypt and Ukraine.

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