China’s Chery auto maker wins access to $1.5 billion loans

BEIJING (Reuters) – Chery Automobile Co, China’s fourth-largest car maker, will have access to loans of 10 billion yuan ($1.5 billion) from the China Export and Import Bank to finance overseas expansion, the Xinhua news agency reported on Sunday.

The Anhui Province-based Chery, the largest home-brand carmaker, would use the money to support its global business, such as increasing exports as well as imports of technology and equipment, according to an agreement.

Chery exported 125,000 cars in the first 10 months of this year, outnumbering the export volume for 2007. The company planned to export 400,000 cars in 2010, Xinhua said. Earlier this year, Chery said it aimed to expand sales in the Americas, first in South America and eventually in the United States.

(Reporting by Ken Wills; Editing by Kim Coghill)



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