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The global financial crisis has brought the US auto industry to the brink of bankruptcy but hasn't dampened Chinese automakers' ambitions to expand into the American market. Chery Automobile, one of China's largest automakers said it will attempt exporting autos to the US independently after the global economic slowdown scuttled a cooperation agreement signed with American automaker Chrysler in 2007.
Chery received a $1.45 billion loan in December from the Export-Import Bank of China to help fund overseas expansion. The company said the loan is not a government bailout but a business deal that will help finance export-related projects and develop new models for overseas market.
Chery started its global expansion in 2003, initially focusing on developing markets and built eight overseas factories, including some in Egypt, Malaysia and the Ukraine. Its exports grew 132 percent in 2007, driven by sales to these developing countries, making Chery China's No 1 passenger vehicle exporter.
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