Chery has signed an agreement with a Vietnamese company to assemble and sell vehicles in the ASEAN country, the Chinese car company revealed, although no further details were furnished.
The Vietnam plant will become Chery’s 17th CKD plant outside of China, but they won’t be the first Chinese carmaker setting up shop in the fast growing country – Great Wall Motor and Chongqing Lifan Industry (Group) Co already have CKD plants in Vietnam.
Global giants Toyota, Ford and GM, as well as Suzuki, already assemble vehicles in Vietnam, which has a population of 90 million people and a per capita GDP of $1,200, according to Chery.
Chery has been rather active, and fast growing. The Anhui-based state owned company saw strong export performance in 2011, and their next target is Europe. Back home, it recently struck a US$2.8 billion deal to build both Jaguar and Land Rover vehicles in China, for the Chinese market.