China Changan Auto Eyes Overseas Market
2009-04-24 Source：english.chinabuses.com
Major Chinese auto group Chongqing Changan Auto Co is planning acquisitions overseas as it prepares to enter Europe and North America where the industry downturn has hit hard, its chairman said on Sunday.
"The longer the crisis lasts, the bigger the chance of failure or a scale-down of some American and European automakers," Xu Liuping told reporters on the sidelines of a news conference.
"And that has provided a chance for entry by Chinese manufacturers."
The firm said in February it had signed a framework agreement with Autopark Mexico to start making cars in Mexico next year, with an initial capacity of 50,000 units.
Changan, China's fourth-biggest auto maker, said it sold 306,500 vehicles in the first quarter, up 13 percent from a year earlier. The strong demand for its mini vans and compact cars helped it contribute to a 3.88 percent first-quarter growth for the country's overall vehicle market
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