In a bid to improve its production capacity, Chery Automobile is reportedly considering an IPO: (Image: CRI Nordic)
Chery considering IPO
1st November 2006, 09:13 GMT
[Click for a bigger view]In a bid to improve its production capacity, Chery Automobile is reportedly considering an IPO: (Image: CRI Nordic)
In a bid to improve its production capacity, Chery Automobile is reportedly considering an IPO: (Image: CRI Nordic)Chery Automobile is considering an initial public offering to fund its growth, Shanghai Securities News reported Wednesday.
Chery's vice -president Lu Jianhui said that the company will invest about 30 billion yuan (3 billion euros) to improve its production capacity in the next five to ten years. He said that an IPO would be an effective way to raise the needed funds, although he did not disclose the timetable or any other particulars about the plan.
Chery has been in discussion with foreign auto makers, including DaimlerChrysler AG, about production alliances. Chery hopes to be an important player in the international car market.
Chery signed last Monday a memorandum of understanding with Italian car maker Fiat to supply 1.6-litre and 1.8-litre gasoline engines for cars manufactured in China as well as abroad.
Textsource: CRI Nordic
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