- Title: China automaker Chery plans to grow overseas sales, but not via M&A - CEO
- Date: 23rd August 2017
- Summary: SHANGHAI, CHINA (AUGUST 23, 2017) (REUTERS) CHIEF EXECUTIVE OF CHINA'S CHERY AUTOMOBILE, CHEN ANNING, BEING INTERVIEWED CHEN SPEAKING CHEN'S HANDS (SOUNDBITE) (English) CHIEF EXECUTIVE OF CHINA'S CHERY AUTOMOBILE, CHEN ANNING, SAYING: "Our overseas strategy has always been, like I said, aspirationally (to) become a global influence in auto industry. And today our rough ratio (for overseas sales) is a quarter to three quarters, and I'd like to increase that to maybe one-third to two-thirds, and maybe more." CHEN BEING INTERVIEWED (SOUNDBITE) (English) CHIEF EXECUTIVE OF CHINA'S CHERY AUTOMOBILE, CHEN ANNING, SAYING: "We're not today actively in the merger and acquisitions market, in the big deals so to speak. We are open for cooperation as always, but fundamentally, we have consistently organically grown our markets by our own capability, and sometimes with cooperation."
- Embargoed: 6th September 2017 08:02
- Keywords: Chery automobile China automobiles Chery company strategy Chen Anning
- Location: SHANGHAI AND BEIJING, CHINA
- City: SHANGHAI AND BEIJING, CHINA
- Country: China
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0036VDN0R1
- Aspect Ratio: 16:9
- Story Text: China's Chery Automobile Co wants to grow its share of overseas sales to a third of total sales, up from a quarter currently, but plans to do so organically and not through acquisitions, its chief executive said on Wednesday (August 23).
Chen Anning told Reuters in an interview that while the company was open to forms of cooperation such as joint ventures, it was not actively looking for mergers in its bid to crack markets such as Western Europe.
His comments come as the industry has been riveted by a direct overture made by Chery's local rival Great Wall Motor Co Ltd to Fiat Chrysler Automobiles NV (FCA) this week, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram vehicle brands. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
