Chery-Quantum to begin construction on new factory by end of month
Updated: 2011-11-15 13:10
The now four-year old partnership between Chery and Quantum is finally starting to come to fruition. Sources from both parties confirmed that they will be announcing their strategic plan for the Chinese marketplace by the end of the month, sources reported. Furthermore, construction on the new Chery-Quantum factory in Changshu, Jiangsu will begin at that time. In order to attract further attention, the joint venture opened a blog last month, which has been constantly updated since.
Chery and Quantum, a subsidiary of Israel Corporation, will be working with Austrian auto parts supplier Magna Steyr. The JV plans to release three compact vehicles next year under the new Qoros brand, which will be both sold in China and exported to Europe. The Changshu site will be responsible for manufacturing the vehicles. It will have a starting production capability of 150,000 units, which will later rise to 500,000 units.
According to Israel Corporation, the Qoros brand will combine Chery's manufacturing power with European car design, engineering technology and safety standards. The price for the Qoros will reportedly start between 11,000 and 15,000 euros ($15,092-$20,581).