Manufacturing News

Chery reduces stake in JV with Quantum

Chery Automobile Co. has cut its stake in a joint auto manufacturing venture with Israeli investment company Quantum LLC from 55 percent to 50 percent, according to sources familiar with the situation.

The new ownership structure will give Quantum greater say in the venture, which is expected to build Chery-designed vehicles and sell them both in China and in international markets under a new brand.
The joint venture, Chery Quantum Auto Co., was set up in February 2008 in Wuhu in eastern China's Anhui province as a 55-45 joint venture. But the company's shareholding has been adjusted to 50-50, the sources say.
A 50 percent stake is the maximum the Chinese government allows a foreign company in a joint venture auto manufacturing facility in the country.
The first vehicle of the new company is due out in 2012, sources say.
Further details on the joint venture's product development are not available.

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