SHANGHAI, Aug 23 (Reuters) - China’s Chery Automobile Co wants to grow its share of overseas sales to a third of total sales, up from a quarter currently, but plans to do so organically and not through acquisitions, its chief executive said.
Chen Anning told Reuters in an interview on Wednesday that while the company was open to forms of cooperation such as joint ventures, it was not actively looking for mergers in its bid to crack markets such as Western Europe.
“Today our rough ratio (for overseas-domestic sales) is one-quarter to three quarters and I’d like to increase that to one-third to two-thirds,” he said，declining to give a timeline.
“We’re today not active in the merger and acquisitions market, in the big deals so to speak. We are open for cooperation as always, but fundamentally, we have consistently organically grown our markets by our own capability and sometimes with cooperation,” he said.
His comments come as the industry has been riveted by a direct overture made by Chery’s local rival Great Wall Motor Co Ltd to Fiat Chrysler Automobiles NV (FCA) this week, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram vehicle brands. (Reporting by Brenda Goh; Editing by Muralikumar Anantharaman)