A joint venture by Chery Automobile Co. Ltd of China and motor vehicle distributor Grupo Caoa of Brazil is aiming to take 5 percent of the Brazilian car market, Xinhua reports.
The Chinese state-run news agency says the 4-month-old joint venture, Caoa Chery, has just rolled out its first model for the Brazilian market, the Tiggo 2.
The report quotes Chery General Manager Chen Anning as saying his company is taking a long-term view of the Brazilian market, and making a long-term investment in it.
Chery can develop and manufacture a quality product and Caoa has ample knowledge and experience of the Brazilian market, Xinhua quotes Mr Chen as saying.
