CNN: (Wuhu, August 10, 2007) Through more than one year of contact and negotiation, Chery Automotive Co., Ltd., Iran’s largest automobile group Khodro and Canada Solitac eventually entered into an agreement on the joint establishment of a plant in Iran. Located in Babol, Mazadaran in the north of Iran, the joint-funded plant boasts a total investment of USD 370 million with the proportionate shares of Chery, Khodro and Solitac as 30%, 49% and 21% respectively. The joint venture will manufacture S21 (QQ6) with the CKDs supplied by Chery and conduct marketing in Iran and its surrounding countries:

Company Name Chery Automobile Co., Ltd. Industry Car manufacturer Revenue Approx 8 Billion Dollar Number of Employee 30,000 Company Description The fastest growing car maker in the world number one Chinese car maker Solution Business Development Result achieved S21 (model) Agreement to manufacturer 250,000 car per year

“Our cooperation with the strong Khodro which is Iran’s largest automobile manufacturer as well as Solitac is bound to benefit all the three parties, also, it can strengthen Chery’s competitiveness in Iran or even in the entire Middle East market so as to build up Chery into a ‘Chinese brand in the world market’.” The joint-funded project, with a maximum designed annual output of 200,000 cars, will start officially after 9 months. Yin Tongyao, president and general manager of Chery Automotive

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