Chinese carmaker Chery Auto plans to invest billions of euros to promote the Omoda and Jaecoo brands, ensuring they gain traction with the masses in three years, Reuters reported Thursday, citing the two brands for the Italian market.
The automaker will launch these two models in petrol engines this year in Spain, Italy, and Poland. It will add hybrid and electric vehicles with more geographies in Europe. The company is keeping its marketing plan under wraps and has only divulged that it will spend billions of euros for this purpose, Reuters added.
Chery faces a nearly 21% tariff on its imports in Europe. The Italian government is in talks with Chery and Dongfeng (HKG:0489) to start their plants in the country. Chery may also open a second facility in Eastern Europe, Reuters noted, citing an unnamed source.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.