China's homegrown private automobile manufacturer Geely
Automobile said it was planning to set up a joint venture in Russia
amid its efforts of going global.
"We are considering a joint venture in Russia, however, details
of the production are yet to be decided," Hong Shaolun, a
high-ranking executive of Geely, told Shanghai Securities
Journal.
Geely expects the joint venture to kick off production in 2008
with a target output of 10,000 vehicles for the first year, Hong
said.
Hong said the company also plans to set up assembly plants in
Central America and Africa, and is currently in talks with partners
in both locations about selling cars there, which could be secured
in 2008.
The Zhejiang-based company has earlier sealed a contract with
the Rolf Group of Moscow to try to sell up to US$1.5 billion worth
of cars in Russia in five years.
The Chinese automaker aims to sell an average 30,000 cars in
Russia every year, according to the contract.
Geely plans to double its overseas sales to 20,000 cars this
year, from about 10,000 in 2006.
(Xinhua News Agency November 26, 2007)
