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Thursday, 18 August 2011

China’s Chery Automobile Sees 10-Year Road to Profit in Brazil

Chery_automobile
Chery Automobile Co., China’s biggest auto exporter, may see “insignificant” profit margins for the next decade in Brazil, where the company is attempting to triple market share by 2015, said Luis Curi, the chief executive officer for the Brazilian unit.

Chery wants to attain 3 percent of sales in the South American nation after production begins at a $400 million factory the company is building in Jacarei, in Sao Paulo state, Curi said in an interview yesterday at Bloomberg’s Sao Paulo office. The Wuhu, China-based company expects to sell about 30,000 vehicles in Brazil this year. The new plant, scheduled to start production in the second half of 2013, would add capacity to make 150,000 to 170,000 cars annually, Curi said. Vcommindia News

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