Israel Corp getting it on with Chery
We heard about this a few days via a Chinese auto news website, we didnt really know what to make of it at that stage. Then we saw that Western news agencies were picking up, we decided it was worth looking in to further. Seeing as Israeli Corps US unit, Quantum LLC, has bought into the unit can we see Chery cars being made in the USA? Will this effect the Dodge-Chery deal at all? China Car Times will keep on watching!
BEIJING (MarketWatch) Chinas Chery Automobile Co. plans to set up a car manufacturing joint venture with holding company Israel Corp.s U.S. unit, Quantum LLC, a senior executive at Chery said Thursday.
Were still going through the procedure for getting the (Chinese) governments approval, Jin Yibo, a company spokesman and director of Cherys presidents office, told Dow Jones Newswires.
The planned joint venture will likely produce a few models, including some higher-end automobiles, he said. Jin is also a vice president at Chery Automobile Sales Co.
Chinese state media reported Thursday that Quantum agreed to set up a CNY5.8 billion joint venture to make Chery-branded cars for sale in China and for export to the U.S.
Quantum will take a 45% stake in the venture, with the rest to be held by Chery, according to the reports, which cited an announcement from the government of Wuhu, Anhui province, where Chery is based.