Chery, the Chinese automaker that until recently formed a joint-partnership with Detroit automaker Chrysler LLC, has indicated that it is not interested in acquiring any of Detroit’s automotive assets, namely General Motors-owned Saab and Ford -owned Volvo . GM and Ford put Saab and Volvo up for sale last week in a last-resort bid to earn much-needed cash.
Earlier today, state-owned Chinese media outlets reported that Chery’s chairman indicated he was not interested purchasing either of the two Swedish automakers. China’s automakers have been strongly rumored as potential suitors for both brands.
Chery was recently infused with a $1.45 billion bank loan from the China Import-Export Bank. It has said that it will use the loan to improve its product quality rather than try to expand its brand portfolio.
Fellow Chinese automaker Dongfeng is apparently also monitoring Detroit’s situation, but it has not indicated whether it will make a bid for Saab , Volvo or any other asset Detroit is attempting to shed. Shanghai Automotive Industry Corporation and Changan have both expressed interest in Volvo, though it is not known how serious either company is.
