If you can’t do it on your own, why not get some help? Chinese carmaker Chery is planning to enter Europe with the help of Magna Steyr, which is based in Austria and builds cars such as the MINI Countryman, Peugeot RCZ and Aston Martin Rapide. They were also contract manufacturers for the first gen BMW X3 and the folding roof of the Mercedes SLK.
According to FT Deutschland, Chery Quantum Auto, a 1.5 billion euro joint venture between Chery and Israel Corp will build three compact models to be sold in China and exported to Europe, reaching the continent next year. The cars, developed by Magna Steyr, will be built at a new factory in Changshu (near Shanghai) with an initial capacity of 150,000 units per year, rising eventually to 500,000 units.
Instead of using Chery’s badge, the cars will be sold under a new brand called Qoros. The cars are designed to meet Western standards and are expected to cost around RM46.700 to RM63,500, the report adds.
On its website, Tel Aviv listed Israel Corp says Chery Quantum was created to manufacture and market a new 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.”
The JV is also looking at alternative powertrains. Israel Corp, the country’s biggest industrial conglomerate, already owns a 30% stake in Better Place, an electric mobility firm that specialises in battery exchange centres.
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Hmmm… the shareholding will ensure this brand won’t be arriving on our shores.
Unfortunately, this is not the rule in REAL that exist in our Mother Land…
yeah.. having israel-linked investor would see less sales here. Maybe you can’t get loan from Islamic bank to buy chery cars in the future too.
phew…
our national car is save! atleast in Malaysia!
…and this would put LTAT in an awkward position, being a local investor for Chery Malaysia..
Israel? Forget it…