Gasgoo.com (Shanghai July 25) - China's largest automobile exporter Chery is planning to invest $170 million to open a production site in Argentina, caing.com reported today. Chery is hoping to better accommodate the remarkable buyer demand from Brazilian consumers.

Chery will be cooperating with Argentine company Socma Group to build the new factory in the town of Berazategui in Buenos Aires province. The site will boast an early production capability of 40,000 vehicles, which will increase to 70,000 vehicles after second phase construction is completed.

The news comes shortly after the manufacturer held an opening ceremony for its new $400 million Brazilian factory in São Paulo. The Brazilian site will be manufacturer's only foreign factory to have complete painting, welding and composite construction facilities.