Latin American Economy & Business - April 2017 (ISSN 1741-7430)

Carlos Slim drives a Chinese auto: Carlos Slim, Mexico’s telecoms billionaire, in launching an intriguing new venture with a Chinese automobile company. Giant Motors, a company 50% controlled by Inbursa, Slim’s financial holding, has signed an agreement with JAC Motors of China to begin to assemble vehicles in Mexico. Chori Group of Japan is also involved in the project. Two Chinese designed and manufactured sports utility vehicles (models SE12 and SE13) are being launched. Giant Motors will focus on domestic sales and exports to South America. The venture, worth an initial US$230m, is not focusing on the US market, the destination for most of Mexico’s car exports.