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Qoros Qoros


Overview

Qoros is a joint venture between Chery Automobile, China’s largest independent car manufacturer, (50%), and Israel Corp. (50%). The JV intends to develop Western-standard vehicles for China’s domestic market as well as for export. Israel Corp. holds 50% of Qoros.

Facts & Figures*

150,000
Expected vehicle production rate per annum of the JV
>20% 
CAGR of China's vehicle sales '99-'07
 8,800,000
Automobile sales in China in 2007

*as of December 31, 2007

 


Highlights

Israel Corp.’s joint venture with Chery is in line with its strategy of focusing on high growth opportunities in emerging markets. Founded in 1997, Chery, China's largest independent car manufacturer, produces 10 series of vehicles and has a production capacity of 650,000 automobiles per year.

The joint venture has been formed to manufacture and market a new well-differentiated brand of premium, Western-standard vehicles. The vehicles will meet high safety and environmental standards by combining Chery’s manufacturing capabilities with Western design, engineering and safety standards. Initially, the automobiles will be sold in the fast growing Chinese domestic market, and eventually targeted for sale in Western countries.

Since the joint venture was approved by the Chinese government in December 2007, Israel Corp. and Chery have appointed a management team comprising senior Western automotive company experts and begun sourcing premier engineers and a workforce to initiate the design process. The joint venture intends to manufacture its automobiles in a new production facility located in Changshu, Jiangsu province and has targeted the commencement of car production for 2013.

 
  
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