Chrysler signs MOU with Great Wall

Chrysler LLC has signed a memorandum of understanding (MOU) with China’s Great Wall Motor Co. to share a distribution network and work jointly on spare parts and technological capabilities, the company said in July. “The MOU represents part of Chrysler’s on-going efforts to explore opportunities to expand its involvement in the development of China’s car industry, as well as growing Chrysler’s global business through the right partnership,” the statement said. Chrysler lagged behind rivals, such as General Motors, Volkswagen and Toyota, in China’s rapidly expanding vehicle market, lacking a strong partnership with domestic automakers. The U.S. carmaker, now owned by Cerberus Capital Management LP, signed contracts with China’s Chery Automobile Co. Ltd. in 2007 to produce compact cars under the Chrysler nameplate for sale in the U.S. It is also talking to Chery about a car-manufacturing venture. (July 4, 2008)