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Chery & StreetScooter Form JV

Auto News - Published on Wed, 11 Sep 2019

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Chery Holdings Co Ltd and StreetScooter GmbH, a subsidiary of Deutsche Post AG, signed MOU in the Great Hall of the People in the witness of Chinese and German leaders. The two parties plan to invest 500 million euro to establish a joint venture in China, which will build R&D Center, produce and sell eLCVs, and get into the logistic industrial chain. Their partnership in logistics is one of the spotlights in the future of the JV. The global logistics network of SDeutsche Post AG and international auto production and marketing ability of Chery Holdings Co., Ltd. will form powerful synergy. While providing premium eLCVs, the joint venture will also generate considerable economic values and huge social values by providing solutions to smart logistics. The MOU is one of the most important agreements of trade and economic cooperation when German Chancellor Merkel made her recent visit to China. Chery Chairman Yin Tongyue and CEO JörgSommer of StreetScooter signed the MOU on behalf of their companies. After that, they had in-depth discussions about future cooperation between the two companies.

According to the MOU, the joint venture will develop and produce eLCV suitable for the global market while providing last-mile transport service of post and parcels. The joint venture has designed capacity of 100,000 vehicles on the annual basis, whose products will be launched into the market in 2021. The two shareholders of the joint venture will facilitate localization of production, purchase and development. Relying on marketing channels of Chery, the two parties will engage in domestic sales and service. At the same time, the joint venture will promote eLCVs and relevant logistics business in the world. They will also establish EV R&D Center in China, develop electric refitting platform and relevant technologies, and provide L4 autopilot and solutions to smart logistics, etc.

Chery Chairman Yin Tongyue said the partnership between StreetScooter and Chery will create an opportunity for the two companies to explore global market, in particular the market in EU and China. It will also help Chery accelerate its presence in new-energy, intelligent and interconnected vehicle development on the basis of traditional fuel vehicles. Through openness and cooperation, Chery will integrate its strong resources in the world. While strengthening its traditional business, the manufacturer will make greater efforts to build the new-energy Chery, the intelligent and interconnected Chery and overseas Chery.

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Posted By : Mohan Sharma on Wed, 11 Sep 2019
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