China’s largest domestic auto-maker, Chery, is opening a factory in Iran. The news further proves Chery’s global expansion and follows on the heels of deals with Chrysler and Fiat. The $370 million plant will be located in Babol, Iran and will be co-developed with Iran car maker, Khodro, and Solitac, a Canadian investment firm. The plant will produce Chery’s compact S21 sedan to be sold in Iran and neighboring countries.
Chery president Yin Tongyao said the venture is to strengthen Chery’s presence in Iran, as well as the Middle East, in an effort to build Chery into a “Chinese brand in the world market.” According to The Detroit News, Chery will hold a 30% stake in the factory with Khodro and Solitac holding 49% and 21%, respectively. Chery also assembles vehicles with partners in Russia, Ukraine, Egypt, Uruguay and Indonesia.
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