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Chery Auto reportedly gets govt approval to buy Volvo

By Tong Hao (chinadaily.com.cn)
Updated: 2009-03-06 14:25

The Chinese government has approved plans by the country's biggest domestic automaker, Chery Automobile, to acquire the Volvo brand from Ford Motor Co, a local newspaper reported.

Chery has received approval from the National Development and Reform Commission (NDRC), the country's top economic planner, Shanghai-based Oriental Morning Post reported, citing an anonymous source.

Chery had not replied to the newspaper's request for confirmation yet, the Shanghai paper said. The anonymous source said another domestic automaker, Dongfeng Automobile Co Ltd, has also submitted its acquisition plan to the NDRC but the company denied the report on Friday. Yin Tongyue, board chairman and general manger of Chery, said earlier that the company might buy a European auto brand hit by the economic crisis.

Yin also said Chery has financing support from China Development Bank and the Export-Import Bank of China.

Chery sold 356,000 passenger cars in 2008, and has ranked first among domestic auto brands for 10 consecutive years.