Israel Corporation (TASE: ILCO) and China's Chery Automobile Company today announced that their joint venture, Qoros Automotive Company, will launch a new brand targeting the Western European and Chinese markets. Qoros, owned in equal shares by the two companies, was also renamed today from Chery Quantum Auto. Sales of the first model, a compact sedan, are slated to begin in 2013.
Israel Corp and Chery have invested $500 million in Qoros since they founded it in 2007. The company aims to meet the 2013 five-star ratings by European New Car Assessment Program (NCAP). Qoros is building a factory in Changshu, an industrial city west of Shanghai, that will have an annual capacity of 150,000 cars, which could expand in the future to 300,000.
Qoros vice chairman Volker Steinwascher said, "As a new company, Qoros has been able to attract a wealth of international talent who are leveraging their global auto industry experience to create an entirely new brand that offers an original product to consumers." The team, which includes the designer of the BMW Mini, Gert Hildebrand, is seeking to create distinctive international designs.
Qoros said that, through cooperation with its worldwide partners, it aims to address Chinese and international demand for cost-effective, attractively designed cars that meet stringent European quality, safety and emissions standards.
Qoros CEO Guo Qian said, "As a young company without legacy there are considerable advantages in the creation of a new car. We are designing our products to meet our customers’ needs and intend to always keep that at the core of our business."
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2011
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