Chery gets 43B yuan credit line, mulls expansion
Chery Automobile Co. said it was granted a credit line of 43 billion yuan ($6.6 billion), which will allow it to expand and explore overseas markets in the next five years.
Chery, in a statement, offered no more details about its plans to use the credit line, which was granted by state-owned China Development Bank.
Chery, of Wuhu, sold 680,000 vehicles last year. It is China's largest domestic-brand automaker. With total exports of 500,000 vehicles since it was established in 1997, Chery is China's leading domestic vehicle exporter.
China Development Bank, of Beijing, is mandated to provide financial support under preferential terms to domestic companies in industries deemed strategically important by the Chinese government.
