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Delek Auto to import Great Wall from China: Israeli importers are racing to begin Chinese car imports ahead of a switch to stric

Posted on: Thu, 19 Mar 2009 18:33:00 EDT

Symbols: GWLLF, DLEKF

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Mar 19, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) --
GWLLF | Quote | Chart | News | PowerRating -- Ford and Mazda importer Delek Automotive Systems Ltd. (TASE: DLEA) is in advanced negotiations with Great Wall Motor Company Ltd. (HKSE: 2333) to become its authorized importer and dealer in Israel. Sources inform "Globes" that Great Wall Motor executives are due in Israel in a few days, and a contract will probably be signed this month.

The Great Wall Motor executives will likely meet other car importers as well. Car industry sources believe that the company already has a binding agreement with an Israeli importer.

Great Wall Motor is one of China's leading carmakers for export. The company has marketed limited numbers of its models for two years in Western European countries, including Italy.

Car industry sources believe that if Delek Auto wins the Great Wall Motor franchise, it will set up an operation separate from its Ford and Mazda import business. Imports might even be made through a sister company in Delek Group Ltd. (TASE: DLEKG), in order to avoid harming Delek Auto's exclusive Ford franchise.

Delek Auto declined to comment on the report.

Great Wall Motor's cars currently comply with EU Emissions Standard 4, which will soon be replaced by the stricter Emissions Standard 5. Israeli car importers and other companies are intensifying their negotiations with Chinese carmakers in order to be ready when Israel adopts the EU Emissions Standard 5 at the end of this year.

Cars that comply with EU Emissions Standard 4 that are registered by September 2009 will receive a two-year grace period to be marketed. Since no Chinese carmaker currently meets EU Emissions Standard 5, Israeli car importers want to begin imports before September.

Delek Auto's share rose 1.8 percent by mid-afternoon to NIS 22.30.

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