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The largest domestic car-maker in China, Chery, is opening a factory in Iran. It proves Chery's global expansion and follows Chrysler and Fiat. The $370 million plant will be in Babol, Iran and will be co-developed with, Khodro an Iranian car maker, and Solitac, an investment firm from Canada. Producing Chery's compact S21 sedan it will be sold in Iran and other close countries.
Yin Tongyao - Chery president said the venture will make Chery's presence stronger in Iran, as well as the Middle East, to build Chery into a "Chinese brand in the world market." Chery will hold a 30% stake in the factory with Khodro and Solitac holding 49% and 21%, according to The Detroit News. Chery has partners in Russia, Ukraine, Indonesia, Uruguay and Egypt.
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