VMC to roll out Chery cars in Vietnam

Vietnam Motors Corp. (VMC) announced that it has signed an agreement with Chinese automaker Chery Automobile Co. Ltd. to introduce the Chery QQ3 model car in Vietnam. Chery QQ3, a small car that has sold well in China, is expected to be available in the Vietnamese market in the second quarter of 2009. QQ3 will be assembled and distributed locally by VMC. Chery QQ3 is sold in more than 60 countries and territories worldwide. In related news, Chery said it plans to build a new 100,000-capacity assembly factory in Chaco, Argentina via Chery Socma S.A., its joint venture with Argentina’s Socma Group and Uruguay’s Oferol. The companies expect to invest US$450-500 million in the factory, which will be constructed in the second quarter of 2009. (February 2/6, 2009)