Chery Automobile Co., Ltd. was founded in 1997 by five of Anhuis local state owned investment companies with an initial capitalization of RMB 3.2 billion. Plant construction commenced on March 18, 1997 in Wuhu, Anhui Province, China. The first car came off the production line on December 18, 1999. And on August 22, 2007, the one-millionth car of Chery rolled out the assembly line successfully, which signifies that Chery has already achieved its first-stage goal in the process of building a successful independent Chinese brand, and is now on its way to create a world famous brand through opening and innovation. In 2006, Chery achieved a total sales volume of 305,200 units, representing an increase rate of 61.5% over 2005; and in 2007, the annual sales volume of Chery reached 381,000 units, increasing by 24.8% compared with 2006. In 2007 also, Chery achieved an annual export volume of 119,800 units. As a result, the overseas sales of Chery had doubled again with an increase rate of 132%, ranking 1st for 5 consecutive years in car export in China. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center, and boasts an annual output of 650,000 cars, 650,000 engines and 400,000 sets of transmissions. Cherys existing products include dozens of models under ten cars series (QQ3, QQ6, A1, Riich2, Cowin, Karry3, A5, Tiggo3, Eastar and Cross Eastar). By the end of 2007, the number of Chery employees had reached 25,000, and its total assets had exceeded RMB 22 billion.