China Autos: Chery Keeps Accelerating
More and more Chinese are giving up their bicycles in favor of cars, and no company has benefited more than Chery Automobile. The 10-year-old Chery is China's most successful domestically branded auto company. From its base in the central city of Wuhu in Anhui province, Chery has grown to become a major player in the expanding Chinese passenger vehicle market and now holds a 7.5% market share. That makes Chery No. 4 overall, behind Volkswagen's joint venture with First Automotive Works, General Motors' (GM) partnership with Shanghai Automotive, and another Volkswagen joint venture, Shanghai Volkswagen. Chery is gaining momentum, with its share up 0.4% in 2007.
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