Chery JV to launch car sales in China, Europe in '13
Qoros AutoCo., a 50-50 joint venture between Chinese automaker Chery Automobile Co. and Israeli company Israel Corp., plans to start selling vehicles in China and western Europe in 2013.
Qoros, previously known as Chery Quantum Auto Co., unveiled its vehicle brand (also called Qoros) and a sedan prototype in Shanghai on Monday.
Three models will go on sale in 2013 and 2014. "The first product will be compact sedan and its rivaling models will be the Toyota Corolla and the Volkswagen Sagitar," Guo Qian, Qoros chairman, told Automotive News China.
It will be followed by a hatchback and an SUV. The vehicles will be built on a platform developed for the company by Magna Steyr.
"These products will be developed according to European standards and they will be sold in China and some European countries," Guo said, without naming the countries.
"Ninety-five percent of our suppliers are top-tier suppliers in the world," he added. Apart from Magna Steyr, other suppliers include TRW Automotive Holdings Corp., Continental AG, Robert Bosch GmbH and Valeo SA.
The vehicles will be built at Qoros' plant in Changshu in east China's Jiangsu province. The plant can produce as many as 150,000 vehicles a year.
Qoros has 300 employees at its r&d center in Shanghai and its Changshu plant. The r&d center's work force is expected to reach 1,500 people over the next two years.
Chery is a state-owned automaker in Wuhu of east China's Anhui province. It is China's largest vehicle exporter. Israel Corp. is an Israeli conglomerate.