Chery and Chrysler Group Finalize Cooperative Agreement
July 03 2007 - 11:00PM
PR Newswire (US)
- Chery and Chrysler Group forge new model of international
cooperation BEIJING, July 3 /PRNewswire-FirstCall/ -- Chrysler
Group President and CEO Tom LaSorda joined Chery Automobile Co.
Chairman and President Yin Tongyue today to finalize the highly
anticipated cooperative agreement between the two automakers.
Chinese governmental authorities from the State Development and
Reform Commission officially approved the agreement and marked the
occasion by hosting a first-of-its-kind signing event. The ceremony
was held at Beijing's Diaoyutai State Guesthouse. Under the
agreement, Chery, based in Wuhu, Anhui Province, China and
Chrysler, based in Auburn Hills, Michigan, USA will work together
to develop, manufacture and distribute Chery-made small and
sub-compact cars in North America, Europe and other major
automotive markets under the Chrysler Group brands. "This is a
win-win for both of our companies, and I am confident this will be
a successful relationship," said Yin. "Chrysler brands are very
well known in the U.S. and Europe. We're prepared to work with
Chrysler Group to expand their small-vehicle lineup with
competitive products and accelerate both our companies'
international competitiveness." Chrysler will identify several
small-car models now being developed by Chery in China and work
collaboratively to make any necessary branding and regulatory
modifications prior to their entry into other markets. Both
companies also will jointly develop new globally competitive
products based on future Chery small-car platforms. Strategic
growth in international markets - while defending market share in
North America - is an important part of Chrysler Group's Recovery
and Transformation Plan. "This is the start of a very long
relationship between Chrysler and Chery," said LaSorda. "Chery's
participation in this agreement and their focus on small and
sub-compact cars will have a nearly immediate effect on Chrysler
Group's offerings in the small-vehicle segments. This strategic
partnership is part of a new business model that is allowing us to
introduce all-new products more quickly, with less capital
spending." Today's announcement is not the first milestone for
Chrysler in China. Chrysler's relationship with China began 25
years ago when it formed Beijing Jeep Corp., the first
international automotive joint venture in the country. The
DaimlerChrysler Supervisory Board approved the framework for the
Agreement earlier this year. Profile of Chery Automobile Co., Ltd.
Since the foundation of Chery in 1997, Chery has always been
pursuing independent innovation, after ten years development, Chery
now is endowed with systematic new products research and
development, manufacture and sales. Its products have been sold to
more than 50 countries and regions, and it has become the
pacesetter of Chinese independent auto brands with its average
annual growing rate at 169%. Profile of Chrysler Group The Chrysler
Group is the Auburn, Hills, Michigan-based unit of DaimlerChrysler
AG. Employing more than 84,000 people worldwide, Chrysler Group
designs, manufactures, markets, distributes and - through its
Chrysler, Jeep and Dodge dealers - sells cars, trucks, minivans and
sport-utility vehicles to customers in more than 125 countries
worldwide. Its brands feature some of the world's most recognizable
vehicles, including the Dodge Viper, Jeep Wrangler, Chrysler PT
Cruiser and Chrysler 300C. In 2006, Chrysler Group sold 2.8 million
vehicles globally. DATASOURCE: Chrysler Group CONTACT: Mike
Aberlich, +1-248-512-2704 (office), +1-248-635-7072 (cell), , or
David Elshoff, +1-248-512-2690 (office), +1-248-797-2300 (cell), ,
or Trevor Hale +86-10-65983503 (office), +86-13601337084 (cell), ,
all of Chrysler Group Web site:
http://www.media.daimlerchrysler.com/
http://www.daimlerchrysler.com/
Copyright