SAIC Chery Automobile Co. is a privately-owned Chinese company.
Caduri Naim Sons , one of Israel's leading vehicle spare parts companies, announced today that it will begin importing private cars from China next year.
SAIC Chery Automobile Co. is a privately-owned Chinese company that manufactures a range of family and compact cars with 1,100-2,400 cc engines, built by Ford Motor Company (NYSE:F), Mitsubishi Motors (TSE:7211) and other manufacturers.
Caduri Naim said it had initiated procedures with the Ministry of Transport to import the cars, and that it planned to begin imports in early 2005. The company believes that Chinese cars will be substantially cheaper than comparable cars now sold in Israel, and that it will be able to sell over 1,000 cars, once imports commence.
Caduri Naim plans to open a showroom in center Israel at a cost of $500,000, and will open more showrooms across the country later.
Published by Globes [online] - www.globes.co.il - on June 2, 2004