Shanghai (ZXZC)- On May 23, Chery Holdings Co.,Ltd signed a strategic cooperation agreement with China Everbright Bank for a credit line worth over RMB10 billion. Both parties will step up their collaboration to set a good example for banks and enterprises to form partnership, and strengthen the competitiveness of China's self-owned car brands.

Chery Holding and China Everbright Bank started their strategic cooperation as early as 2002, focusing on such fields as Chery's product R&D, market expansion and automobile finance. The latest deal will provide solid financial support for the automaker to deepen its strategic transformation and elevate core competency. Moreover, how financial businesses serve the real economy is expected to perform better powered by the agreement.

In March 2019, Chery Holding inked a similar deal with China Guangfa Bank, who also agreed to grant the former a credit extension amounting to RMB10 billion. Under the agreement, two companies would conduct collaboration in Chery's key programs, automobile financial service, globalized growth, cash management service and other fields.

Shanghai Pudong Development Bank is one of Chery Holding's bank partners, offering the automaker at least RMB10 billion worth of credit line as well in last November. The credit line would reportedly be applied in areas of new energy vehicle, automobile financial service and global strategy.