Market Chatter: Chinese Automaker Chery Plans a Billion Euro Marketing Push in Europe
Chinese automaker Chery Auto plans to launch Omoda and Jaecoo brands in Europe, Reuters reported Thursday, citing the two brands for the Italian market.
The company will initially focus on petrol engine sales, followed by after-sales in Spain, Italy, Poland, Britain, and more countries in the coming months, as well as hybrid and fully electric models, the report said.
Kevin Cheng, Omoda and Jaecoo CEO for Italy, said it will invest billions of euros to become a "trusted brand" in Europe like South Korea, the news agency reported.
The company is keeping its marketing plan under wraps and has only divulged that it will spend billions of euros for this purpose, Reuters said.
The Italian Government is reportedly 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.)
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