July 05, 2007	Thursday	Jamadi-us-Sani 19, 1428

BEIJING, July 4: US auto giant Chrysler on Wednesday finalised a landmark deal with Chery Motor, one of China’s biggest carmakers, that aims to see Chinese-made vehicles grab their first major chunk of world markets.

A 25-year deal between Chrysler and Chery was formally signed in Beijing, and will see small cars made in China exported to the United States and other markets under the famous American brand.

It is also an attempt for Chrysler to quickly lift itself out of the doldrums, with the first cars hoping to be sold in the United States in two years.

The German-US auto giant DaimlerChrysler announced in May that it had agreed to sell 80.1pc stake in loss-making Chrysler to US private equity fund Cerberus.

Chery chairman Ying Tongyao told reporters at the signing that the deal provided the company a protected entry into fiercely competitive international markets.—AFP