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Geely Automobile Holdings has entered a developed economy's market through a US$54.3-million deal with Manganese Bronze Holdings Plc to produce taxis for London from mid-2008.

The joint venture agreement signed yesterday would make Geely the largest shareholder of Manganese Bronze with 23 per cent of its shares and two seats on its board.

The two companies' target is to produce about 40,000 cars a year at their joint-venture plant on the mainland: about 10,000 London cabs and 30,000 limousines or sedans.

"We look to export components back to London and vehicles to all of the cities across the world," said Manganese Bronze finance director Mark Fryer.

The deal highlights the global ambition of the mainland's largest privately owned carmaker, which now assembles sedans in Indonesia and is trying to enter the US market, too.

The refrigerator-maker-turned-auto firm has encountered a fierce business environment over the past two years because of overcapacity, price cuts and rising material costs. To overcome the crisis, many automakers, including Zhejiang-based Geely, sought to expand overseas.

The mainland became a net vehicle exporter last year, selling 172,800 units. The sales were boosted mostly by the performance of Geely, Chery Automobile and Great Wall Motor.

Developing markets such as Indonesia, the Middle East, Egypt and Russia are their top target, with cheaper vehicles comprising the majority of their exports.

But mainland firms now not only deliver complete vehicles overseas, but have also moved their production units abroad.

Geely, which started out 20 years ago, now has a joint venture in Indonesia for 1.1-litre, 1.3-litre and 1.5-litre cars.

Great Wall Motor, which specializes in vehicles that can withstand rough roads and inclement weather, is planning to invest US$70 million to set up a plant in Russia.

Export, output target

Geely could end up exporting 20,000 cars this year, and has plans to double that figure in 2007, Chairman Li Shufu had said in September. And it seems to be moving towards fulfilling this year's target.

Also, the automaker plans to more than double its annual output from 300,000 this year to 650,000 in two years. In the first half of the year, it's two units (in which it holds 48.6 per cent each) sold 91,953 vehicles, an increase of 60 per cent year on year, which accounted for 51 per cent of its annual sales target of 180,000 units. The rise is lower when the figure for the first eight months is taken: 48 per cent more, or 112,633 vehicles.

Geely shares were flat in Thursday morning trade at HK$0.89, before being suspended in the afternoon.

(For more biz stories, please visit Industry Updates)