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Chery Automobile Co., Ltd was founded in Wuhu City, People's Republic of China in 1997. The first car rolled off the assembly line in 1999 and successfully passes 40 national tests, including a crash test. Chery became the first Chinese carmaker to be awarded ISO / TS 16949 TUV, Germany, with annual sales exceeding 50,000 units. In 2005, Chery ranked fifth in China in terms of car production. Chery QQ received the highest score in the compact car segment from J.D. Power 2004 China Initial Quality Study (IQS). Chery Motor Works began producing the first Euro IV compliant engines in collaboration with AVL List from Austria. The products include 18 series of diesel and gasoline engines with volumes ranging from 0.8 to 4.0 liters. Cooperation began with design firms: British Lotus Engineering and Japanese Mitsubishi Automotive Engineering, as well as design firms Bertone and Pininfarina from Italy and Cavax from Japan. The company's assets exceeded $ 1.5 billion. The company is included in the "20 Most Competitive Chinese Companies In The World Market 2007." Fortune magazine ranked Chery as the 11th Most Prestigious Enterprise in China.