China's Chery Automobile Co., Ltd. will supply 100,000 gasoline
engines a year to Italy's Fiat Auto under a memorandum of
understanding signed on Tuesday in east China's Anhui Province.
The 1.6-liter and 1.8-liter gasoline engines will be provided
for Fiat cars produced both in China and abroad, according to
cooperation agreement signed in Wuhu City, the base of Chery
Automobile.
"This successful cooperation shows Fiat's trust in Chery and is
a significant step for Chery to go abroad by relying on its own
innovation," said Yin Tongyao, chairman and general manager of
Chery.
"Chery is a young and modern company with a solid technical
background, and I am very glad to welcome this further step in our
strategic alliance," said Sergio Marchionne, chief executive
officer of Fiat.
Founded in 1997, Chery Automobile produces automobiles and auto
parts. It has an annual capacity of 400,000 engines.
Last year, Chery Automobile sold 189,100 cars, an increase of
118 percent from 2004. The company exported 18,000 vehicles in
2005, more than any other Chinese domestic car makers.
(Xinhua News Agency November 1, 2006)