Chrysler Group will introduce a Chinese-made small car in the US next year that retails for about half the price of its cheapest model, as it seeks to win back market share from Toyota Motor Corp and Honda Motor Co.
The carmaker will begin selling Chery Automobile Co's A1 hatchback in the first quarter of next year, Chery president Yin Tongyao (尹同耀) said in Beijing yesterday. The 1.3-liter A1 is priced from 53,800 yuan (US$7,100) in China. Chrysler's least expensive US model is the US$13,850 Dodge Caliber, according to Edmunds.com.
Yin didn't say how much the A1 would cost in the US.
Chrysler, set to be the first US automaker to import cars from China, also plans to close a plant at home after reporting a loss last year and slipping to fourth place in US sales. Working with Chery will allow the company to add models able to compete with Toyota's Yaris with less investment.
"This is the start of a very long relationship between Chrysler and Chery," Chrysler Group president and chief executive Tom LaSorda said in a statement yesterday.
"Chery's participation in this agreement and their focus on small and sub-compact cars will have a nearly immediate effect on Chrysler Group's offerings in the small-vehicle segments," LaSorda said.
"This strategic partnership is part of a new business model that is allowing us to introduce all-new products more quickly, with less capital spending," he said.
Chrysler plans to sell current and future Chery models worldwide. Chery may eventually build as many as 100,000 vehicles a year for Chrysler, Yin said at a signing ceremony yesterday, without providing a timeframe.
The capacity can also be expanded in future, he added.
The US automaker aims to begin selling Chery-made vehicles under its Dodge brand in Latin America and Eastern Europe by the end of the year, LaSorda said.
Intelligence agents have recorded 510,000 instances of “controversial information” being spread online by the Chinese Communist Party (CCP) so far this year, the National Security Bureau (NSB) said in a report yesterday, as it warned of artificial intelligence (AI) being employed to generate destabilizing misinformation. The bureau submitted a written report to the Legislative Yuan in preparation for National Security Bureau Director-General Tsai Ming-yen’s (蔡明彥) appearance before the Foreign Affairs and National Defense Committee today. The CCP has been using cognitive warfare to divide Taiwanese society by commenting on controversial issues such as Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) investments in the
HELPING HAND: The steering committee of the National Stabilization Fund is expected to hold a meeting to discuss how and when to utilize the fund to help buffer the sell-off The TAIEX plunged 2,065.87 points, or 9.7 percent, to close at 19,232.35 yesterday, the highest single-day percentage loss on record, as investors braced for US President Donald Trump’s tariffs after an extended holiday weekend. Amid the pessimistic atmosphere, 945 listed companies led by large-cap stocks — including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Hon Hai Precision Industry Co (鴻海精密) and Largan Precision Co (大立光) — fell by the daily maximum of 10 percent at the close, Taiwan Stock Exchange data showed. The number of listed companies ending limit-down set a new record, the exchange said. The TAIEX plunged by daily maxiumu in just
INVESTIGATION: The case is the latest instance of a DPP figure being implicated in an espionage network accused of allegedly leaking information to Chinese intelligence Democratic Progressive Party (DPP) member Ho Jen-chieh (何仁傑) was detained and held incommunicado yesterday on suspicion of spying for China during his tenure as assistant to then-minister of foreign affairs Joseph Wu (吳釗燮). The Taipei District Prosecutors’ Office said Ho was implicated during its investigation into alleged spying activities by former Presidential Office consultant Wu Shang-yu (吳尚雨). Prosecutors said there is reason to believe Ho breached the National Security Act (國家安全法) by leaking classified Ministry of Foreign Affairs information to Chinese intelligence. Following interrogation, prosecutors petitioned the Taipei District Court to detain Ho, citing concerns over potential collusion or tampering of evidence. The
‘COMPREHENSIVE PLAN’: Lin Chia-lung said that the government was ready to talk about a variety of issues, including investment in and purchases from the US The National Stabilization Fund (NSF) yesterday announced that it would step in to staunch stock market losses for the ninth time in the nation’s history. An NSF board meeting, originally scheduled for Monday next week, was moved to yesterday after stocks plummeted in the wake of US President Donald Trump’s announcement of 32 percent tariffs on Taiwan on Wednesday last week. Board members voted to support the stock market with the NT$500 billion (US$15.15 billion) fund, with injections of funds to begin as soon as today. The NSF in 2000 injected NT$120 billion to stabilize stocks, the most ever. The lowest amount it
RSS