Chery Automobile Co. Plans IPO

Chery Automobile Co. Plans IPO

Bill Belew has raised 2 bi-cultural kids, now 34 and 30. And he and his wife are now parenting a 3rd, Mia, who is 8.

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Chery Automobile Co is China’s top domestic passenger car brand by unit sales.

The company is planning to list stock on the mainland and in Hong Kong to help it with expansion at home and abroad.

Chery is owned by the government of the eastern city of Wuhu. If they are able to raise a lot of capital…the city will be shouting Woo Hoo!

Chery was set up in 1997 and started rolling out cars in 2001.

With a goal of rolling out 1 million cars annually by 2010, the car maker needs cash.

In June of this year, Chery sealed a deal with Quantum LLC, an Israeli investment firm based in the U.S. to build a 150,000 unit venture to make Chery’s medium- and high-end cars. The deal was worth 5.83 billion yuan ($800 millions).

In July, Chery made a deal with Chrysler to make small cars in Wuhu.

Last month, Chery signed a deal with Fiat to make Chery, Fiat, and Alfa Romeo cars.

Chery has seven plants in six countries – Iran, Uruguay, Egypt, Ukraine – and is planning to build seven more plants by 2010.

Yup…Chery needs some money.

When do you think a homemade Chinese car will be ready for the global marketplace?

Talk to Bill and others about their experiences raising bi-cultural Japanese-American kids.

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