Chery buys shipyard to boost car exports

The Chinese car manufacturer, Chery Automobile, has bought a Chinese shipyard as part of its latest effort to meet an ambitious export target. Privately-owned Chery, based in Wuhu city in eastern Anhui province, has bought the local Wuhu Shipyard and is restructuring it. ???Chery expands its business scope by foraying into the very promising shipbuilding industry,?? a company official was quoted as saying. ???Moreover, the shipyard operations will support the prompt delivery of our auto exports, increasing exports and lowering inventory. Chery expects to double its exports in 2007 from last year to 100,000 cars.??

The company is also building a new port in Wuhu, which sits along the Yangtze river, to facilitate auto exports. It said a new plant that starts operations this month will add another 250,000-300,000 units to its annual capacity of 400,000 units.