Reuters: Chongqing Changan Automobile Co, a China partner of Ford Motor, said on Friday it plans to assemble compact cars in Iran starting next year as it speeds up expansion overseas.
SHANGHAI, May 30 (Reuters) – Chongqing Changan Automobile Co, a China partner of Ford Motor, said on Friday it plans to assemble compact cars in Iran starting next year as it speeds up expansion overseas.
Changan's compact Benni, which it developed in-house, will be assembled at a facility near Tehran beginning in the first half of 2009, targeting the local market, the Chinese company said in a statement.
The facility, to be built by its partner Pars Industrial Development Foundation, will have initial annual capacity of 50,000 units, rising to 250,000 eventually, it said.
Changan, which runs a three way tie-up with Ford and its Japanese affiliate Mazda Motor, is among a growing number of ambitious Chinese automakers hoping to build up a global brand name.
It aims to sell 200,000 vehicles overseas in 2010, up sharply from roughly 50,000 last year, a company spokesman said. (Reporting by Fang Yan; Editing by Edmund Klamann)
