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China First Automobile Works Group Corp (FAW) will build a Mexican automobile factory and next year plans to begin importing cars into the country to capture its growing middle-class market.

Grupo Elektra SAB, Mexico's largest electronic-goods retailer, said in a statement today that it has formed a partnership with FAW to build a US$150 million factory in Michoacan state. It's set to open in 2010 with capacity to make 100,000 cars, becoming the first Chinese auto plant in Mexico.

Nonetheless, FAW will begin exporting cars to Mexico immediately, according Daniel McCosh, a spokesman for Grupo Salinas, Elektra's parent. He said subcompact vehicles retailing for as little as US$6,000 should be available by year-end through some of Elektra's 823 retail outlets in Mexico.

Plans call for 20 new, stand-alone dealerships in the first quarter of 2008 and a nationwide dealers network within five years, most likely under the Elektra banner.

FAW, China's second-largest automaker, would also be the first Chinese company to sell cars in Mexico. The vehicles will cost as much as 10 percent less than the current average in Mexico, allowing more working-class Mexicans to afford a car, Elektra said, without giving specific prices.

"Mexico is a large market that isn't served very well," said Dinorah Macias, an investor relations executive with Elektra. "The sector in which we're focused now travels mostly by public transportation."

Elektra will control the partnership with FAW, Macias said. However, the exact percentage of ownership hasn't been disclosed.

The retailer plans to offer financing for the autos through Banco Azteca, the bank it established to provide loans for poorer Mexicans who often don't have access to credit.

In China, FAW units build vehicles for Mazda Motor Corp. and Volkswagen AG. The company also sells the Hongqi, Vita and Besturn models under its own brand. It is the country's No. 2 automaker by size, trailing SAIC Motor Corp.

A decade of prudent government spending and a stable currency in Mexico have helped quell inflation in Latin America's second-largest economy and drive down lending rates. That's spurred consumer spending on homes, cars, appliances and other goods. Mexico's annual inflation rate was 3.74 percent in October, compared with 52 percent at the end of 1995.

Elektra plans to sell the cars in 20 dealerships to start with and expand to more locations across Mexico over a five-year period, Macias said. The company may sell the cars in Central America later, she said.

Elektra shares fell 2 pesos to 242 pesos today in Mexican trading. They have climbed 85 percent this year.