The Blackwood Group Leads Landmark Chery–SOCMA Automobile Agreement in South America

BUENOS AIRES, Argentina - Oct. 6, 2025 - PRLog -- The Blackwood Group's Wasee Panah Leads Landmark Chery–SOCMA Automobile Agreement in South America

Buenos Aires / Beijing, November 15 - 2007

In a groundbreaking international partnership, Argentina's SOCMA Group, founded by renowned industrialist Franco Macri, and China's Chery Automobile Co. signed a historic agreement to establish China's first automobile manufacturing venture in South America. The joint venture, Chery SOCMA S.A., was created to assemble and export vehicles from Uruguay to markets across Argentina, Brazil, and the broader Mercosur region.

The agreement was the culmination of extensive diplomatic and commercial negotiations led by Wasee Panah of The Blackwood Group S.A., acting on behalf of Franco Macri and SOCMA. Mr. Panah and his team at Blackwood spearheaded direct talks with Chery Automobile and Chinese government counterparts in Beijing, structuring a deal that would open the door for large-scale industrial collaboration between Latin America and China's rapidly expanding automotive sector.

Under the terms of the joint venture, valued at approximately $1.3 billion, Chery SOCMA S.A. launched assembly operations in Barra de Carrasco (Canelones, Uruguay) in late 2007. The facility began production with the Chery Tiggo, marking the start of exports to Argentina and subsequent expansion into other models across the Southern Cone.

This partnership represented a pivotal milestone for both nations: for China, it was the first automobile production base established in South America; for Argentina and Uruguay, it symbolized a major inflow of investment, technology transfer, and regional industrial integration. The project underscored growing economic cooperation between Latin America and China and reflected Blackwood Group's capacity to navigate complex multinational negotiations in strategic industries.

The Uruguay plant helped realize one of South America's most ambitious automotive projects.