China's Chery produces 1 millionth car

China's Chery Automobile said it will turn out its 1 millionth car on Wednesday to become the country's first indigenous automaker to reach the milestone.

The 10-year-old Chery achieved a miracle in the automotive industry in the world by making its first 1 million cars within seven years and nine months, said a statement from the company.

It took Chery about six years to make its first half million cars, and only one year and a half to complete the second half million.

The ambitious flag-bearer of Chinese indigenous brands is currently capable of producing 400,000 cars, 400,000 engines and 300,000 transmission cases a year and plans to raise its annual output to 1 million cars by 2010.

A new plant, to be put into operation in October this year, is expected to increase Chery's annual production capacity by additional 300,000 cars.

Chery, based in the eastern city of Wuhu, sold 232,785 cars in the first seven months of the year, maintaining its position as the country's seventh largest automobile manufacturers and the fourth largest sedan producer.

It held a 7.2-percent share in the domestic market last year, up from 6.7 percent in 2005.

The company has exported a total of 153,694 cars since 2001, exceeding exports by any other Chinese sedan producer for four consecutive years.