China gives Chery loans for international expansion

The China Export Import Bank has given automaker Chery up to $1.45 billion in loans, following a drop in domestic sales. China’s news agency said Chery would spend the funds to finance overseas expansion and to import technology and equipment. in 2008, Chery exported over twice as many cars as in 2007.

Daimler had planned to have Chrysler work with Chery on new car designs, in a project rumored to have been dropped or heavily modified after the Cerberus takeover.