Sep. 12, 2024
China's Chery to Invest Billions in Establishing Omoda and Jaecoo Brands in Europe
TMTPOST--Chinese automaker Chery Auto is gearing up to invest billions of euros to firmly establish its Omoda and Jaecoo brands in Europe within the next three years, according to the head of the two brands for the Italian market. Chery is introducing Omoda and Jaecoo models across Europe this year, initially focusing on petrol-powered vehicles. Following launches in Spain, Italy, Poland, and the UK, the company plans to expand to more countries, including hybrid and fully electric models, in the coming months. Kevin Cheng, CEO of Omoda and Jaecoo in Italy, told Reuters that the brands are using established competitors like Kia, Hyundai, Nissan, and Volkswagen as benchmarks. He noted that South Korea’s Kia took nearly two decades to earn European consumers' trust. “Our goal is to achieve that in just three years,” Cheng said. While specifics on the investment plans for marketing and brand development in Europe remain confidential, Cheng confirmed, "It's a massive amount—billions of euros."
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