Chinese auto giant Chery is launching brands in Europe with multibillion-dollar investments
The Chinese car manufacturer Chery Auto is ready to invest billions of euros to win the trust of European consumers and strengthen the position of its brands in the market. About this writes Reuters.
Chery plans to make its Omoda and Jaecoo brands recognizable among European customers over the next three years. In 2024, the company will launch both brands on the European market, starting with sales of cars with gasoline engines.
The first countries where Omoda and Jaecoo models will appear are Spain, Italy, Poland and Great Britain. Over time, the sales geography will expand, and hybrid and electric models will be introduced.
CEO of Omoda and Jaecoo in Italy, Kevin Cheng, noted that it took the South Korean brand Kia about 20 years to establish itself as a reliable brand in Europe. Chery intends to go this way faster.
While Omoda and Jaecoo did not provide specific European sales figures, the company said global sales of the brands reached nearly 150,000 vehicles between January and August 2024.
The EU plans to impose an additional 20.7% tariff on Chinese-made cars, but Chery intends to avoid this by starting production of its cars directly in Europe. By the end of 2024, the company plans to start production at a recently acquired plant in Barcelona, Spain.
