Changan plans to enter overseas car market

• Source: The Global Times
• [17:54 April 26 2009]
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By Shi Jierui

According to Reuters, Chinese auto group Chongqing Changan Auto Co. has expressed interest in Volvo as Ford is seeking to sell it in an effort to raise cash.

But Changan's chairman Xu Liuping refused to comment when asked about a possible Volvo deal.

Xu said Sunday that the economic crisis had provided an opportunity for Chinese manufacturers' to enter overseas markets.

"We are actively pursuing mergers and acquisitions at home and overseas but have not reached any deal so far," he said.

Changan, China's fourth-biggest automaker, said it sold 306,500 vehicles in the first quarter, up 13 percent from a year earlier.

Xu added Changan has future plans to sell cars to North America from Mexico, where it has its sixth overseas assembly line, but he did not give a timetable.