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Chery postpones car joint venture with Fiat

(Agencies)
Updated: 2009-03-19 14:28

China's Chery Automobile has delayed a car joint venture project with Italy's Fiat because of changing market conditions, its chairman said on Thursday.

"Foreign automakers are affected by the financial crisis and any additional investment will be difficult for them at a time like this," Chairman Yin Tongyao told reporters on the sidelines of a conference.

"We have slowed down the joint venture project with Fiat and production will not start this year as previously planned, but we have not shelved the project," he said.