The first overseas JV of Home Air-conditioner to be founded

In September, the Home Air-conditioner Division will found a JV in Brazil. It is said to be the first JV of Home Air-conditioner on the overseas market. The JV will be dedicated to the marketing and popularization of Midea's own brands, refined operations on the Brazil market, establishing a sound marketing system, and driving the marketing and building of the Midea brands on the Brazil market.
Brazil is the largest air-conditioner market in South America, with an annual market capacity of about 2 million units. Midea will develop this market and speed up its globalization. The JV will sell 140,000 units in Fiscal Year 2008, an increase of 100% over 2007, and will try to enter Top 3 on the Brazil air-conditioner market in the next three-five years.