Chery Subsidiary Signs Joint Venture Agreement with Vietnam's Geleximco

According to foreign media reports, recently, Vietnam's Geleximco Group and China's Chery Automobile subsidiary Omoda & Jaecoo signed a joint venture agreement to establish a car factory in Thai Binh province, northern Vietnam.

It is reported that the project involves an investment of $800 million with an annual production capacity of 200,000 vehicles. The first phase of construction is scheduled to be completed in the first quarter of 2026.

The signing ceremony was attended by Nguyen Hong Dien, Minister of Industry and Trade of Vietnam, and Xiong Bo, Chinese Ambassador to Vietnam, among other dignitaries from both countries. Dien emphasized that the project aligns with Vietnam's automotive industry development strategy, with a focus on promoting the widespread adoption of electric vehicles.

Vu Van Tien, Chairman of Geleximco, outlined plans for the factory to produce various passenger vehicles, with a particular emphasis on electric cars. The project is expected to create job opportunities and stimulate local economic growth.

In March, Chery Holdings Group sold 181,585 vehicles, an increase of 45.3% year-on-year, while the cumulative sales for the first quarter reached 529,604 vehicles, marking a growth of 60.3% year-on-year, maintaining a strong growth momentum. In the first quarter, Chery Group exported 253,418 vehicles, up 40.9% year-on-year, maintaining its position as China's leading automotive exporter.

Specifically, Chery brand sold 116,927 vehicles in March, up 40.7% year-on-year, and sold 350,314 vehicles in the first quarter, up 57.6% year-on-year. Star brand sold 6,653 vehicles in March, up 3% year-on-year, and sold 23,493 vehicles in the first quarter, up 44.4% year-on-year.

Jietu brand sold 35,503 vehicles in March, up 82% year-on-year, and sold 107,476 vehicles in the first quarter, up 106.9% year-on-year. iCAR, the brand's first pure electric product iCAR 03, achieved sales of 5,487 vehicles in March, just one month after its launch.

Source: Gasgoo Automotive News

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