The news came as the China Association of Automobile Manufacturers announced a 10 per cent drop in November car sales in China, the world's second largest market.
The official Xinhua news agency said Chery would use the money to finance overseas expansion and import technology and equipment.
The agency said Chery had exported 125,000 cars in the first 10 months of this year – more than in the whole of 2007 – and planned to increase that to 400,000 in 2010.
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