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October 12, 2008 3:46:07 PM CDT

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Chrysler Plunges Into China Trade

Posted Jul 4, 07 12:29 PM CDT in US,  Business,  World 

(Newser) – In a cost-cutting move, Chrysler will introduce cars produced by China's biggest automaker to the US market by late 2009. Chrysler and Chery staged a signing ceremony today in Beijing to allay fears about the American auto giant's new ownership not backing the deal, MarketWatch reports. The first vehicles will hit Latin American and Eastern European markets within a year.

The partnership allows Chrysler to dramatically slash prices—Bloomberg reports that the new models may undercut current offerings by as much as 50%—while offering Chery entree into coveted European and American markets. The companies say they will collaborate on design and development, using Chery's tiny platforms with an initial goal of producing 50,000 to 100,000 vehicles annually.

Source MarketWatch

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A man snaps a picture of a car from Chinese automaker Chery during the Shanghai Auto Show in Shanghai, China, Friday, April 20, 2007. Chery, based in the eastern Chinese city of Wuhu, is the biggest of...   (Associated Press)
A Chinese man opens the back door to a Chery vehicle on a car lot of a Chery auto dealer in Beijing, China, Wednesday July 4, 2007. Chrysler Group signed a deal Wednesday with China's biggest automaker,...   (Associated Press)
Chrysler Chairman Tom LaSorda speaks during a signing ceremony in Beijing Wednesday July 4, 2007. Chrysler Group signed a deal Wednesday with China's biggest automaker, Chery, to manufacture small cars...   (Associated Press)
Interior of Chery Automotive Factory, Wuhu, China. Chinese-made knock-offs of competitors' cars, costing maybe 30 percent less, are coming to U.S. showrooms.   (KRT Photos)
In this photo released by DaimlerChrysler AG, Chrysler Group President and CEO Tom LaSorda, left, shakes hands with Chery Automobile Chairman and CEO Yin Tongyao at the signing of a cooperative agreement...   (Associated Press)
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