Saturday, February 21, 2009

Chery Automobile Co May acquire Europe car makers

CHERY Automobile Co, China's largest maker of own-brand cars, may consider acquisitions in Europe to help expand overseas as domestic demand reverses.

"There is a possibility for us to acquire some European auto companies with long histories," Jin Yibo, a Chery spokesman, said by phone yesterday, confirming comments by President Yin Tongyao that were reported by China Automotive News. Jin declined to name the firms that Chery may buy. Ford Motor Co has approached Chery and other Chinese auto makers as it tries to sell its Sweden-based Volvo Car unit, according to three people familiar with the discussions.

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