Mexico's Elektra in deal to produce cheap cars

Newswire

MEXICO CITY, Nov 22 (Reuters) - Mexican retailer Elektra said on Thursday it plans to build a $150 million plant to produce cheap cars by 2010 in a deal with Chinese automaker First Automobile Works Group. Elektra , owned by retail and media tycoon Ricardo Salinas, said the plant will produce 100,000 cars per year for distribution in Mexico and Central America. "Car prices are 5 to 10 percent below the average prices of those currently on the market," Elektra said, but did not specify ...

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