The chairman of Investe sao Paulo, Mário Mugnani Jr, in Wuhu signed a memorandum of understanding with the chairman of Chery Automobile, Yong Tongyue, to set up a factory in the Brazilian city of Jacereí, 80 kilometres from the city of Sao Paulo.
In the first phase of the project, Chery plans to invest $134 million and produce 50,000 vehicles per year at the start of operations, whilst also creating around 5,000 jobs.
Macau Hub reports the company’s investment may eventually total US$400 million with capacity to produce 150,000 vehicles per year, creating 3,000 direct jobs.