China's Chery plans investment drive to build Omoda, Jaecoo brands in Europe [Yahoo! Finance Canada]
John Bean Technologies Corporation (JBT)
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Source: Yahoo! Finance Canada
MILAN (Reuters) - Chinese carmaker Chery Auto is ready to spend billions of euros to ensure its Omoda and Jaecoo brands are embraced by European customers within three years, the head of the two brands for the Italian market told Reuters. Chery Auto is launching Omoda and Jaecoo in Europe this year, with an initial focus on petrol engine vehicles. After sales started in Spain, Italy, Poland and Britain, more countries will be added in the coming months, as well as hybrid and fully electric models. Kevin Cheng, Omoda and Jaecoo CEO for Italy, said in an interview the brands were watching the likes of Kia, Hyundai, Nissan and Volkswagen as benchmarks. He said South Korea's Kia took almost 20 years to become a trusted brand in Europe. "Our goal is to achieve that within three years," he said. Investment plans in marketing and brand development in Europe were confidential, "but it's a huge amount of money, it's billions of euros," he said. Omoda and Jaecoo, which are export b
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