Chery Automobile and Spanish EV Motors sign joint venture agreement

On April 17, Chery Automobile signed a joint venture agreement with Spanish company EV Motors to set up its first factory in Europe to produce cars. EV Motors holds the majority of the shares, while Chery holds a minority. The first batch of cars produced will be Chery's Omoda brand cars, and then EV Motors will launch its pure electric models in the fourth quarter of this year.