China’s Chery Automobile to form $370-m car venture in Iran
SHANGHAI: Chery Automobile Co, a mid-sized but fastgrowing Chinese car maker, has agreed to set up a $370 million assembly plant in Iran with two foreign partners, targeting Iran and neighbouring markets. Chery will hold 30% in the venture, with Iran Khodro Corp, Iran’s biggest car maker, holding 49% and Solitac, a Canada-based investment company, holding the remainder, Chery said in a statement over the weekend. The plant, with a designed annual capacity of 200,000 units, will assemble Chery QQ6 compact cars from knock-down kits, it added.