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Qoros

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Qoros

Qoros Auto Co., Ltd.
Type Private joint venture
Industry Automotive
Founded 2007 (2007) (Wuhu City)
Headquarters Changshu, China
Area served China
Key people Guo Qian (CEO and President)
Volker Steinwascher (Vice Chairman)
Products Automobiles
Owners Chery Automobile Co., Ltd. (50%)
Israel Corporation (50%)
Website qorosauto.com/en/
Qoros
Traditional Chinese 觀致汽車
Simplified Chinese 观致汽车
Literal meaning Qoros Auto Co., Ltd.

Qoros Auto Co., Ltd. is a Chinese-Israeli automotive manufacturing company headquartered in Shanghai, China. Its principal activity is the design, development, production and sale of passenger cars sold under the Qoros marque.

It was founded as a joint venture between Chery and Israel Corporation in December 2007 under the name Chery Quantum Automotive Corporation (CQAC); the name was changed to Qoros Auto Co., Ltd. in November 2011.[1] The partners are investing an initial US$1.5 billion in the venture.[2] The first Qoros production model, the Qoros 3, made its first public appearance at the Geneva Motor Show in March 2013 and went on sale in China in November 2013.

Name

Qoros is an invented word. The Q is intended to represent quality, and the whole name to echo the Greek chorus, a collective voice in plays and music, reflecting the multinational nature of the company.[3]

History

Chery Quantum Automotive Corporation was registered as a company in Wuhu City, Anhui Province in December 2007.[4] The establishment of the company took place during a peak time in the development of China's automotive industry, following the country's joining the [5] CQAC opened an office in Shanghai in September 2008.

In June 2009, the respective shareholdings of Chery Automobile and Israel Corporation were changed from 55/45 to 50/50, with Chery losing majority control.[6]

In October 2009, CQAC signed a cooperation agreement with Magna Steyr.[7]

In June 2010, CQAC relocated its production plant to Changshu Economic & Technological Development Zone following an in-depth appraisal.[8] A month later the company announced that its two shareholders would increase their investment in the venture by RMB 2.25 billion apiece.[9]

In October 2011, construction of the first prototype was completed.[10]

On 28 November 2011, CQAC was renamed Qoros Auto Co., Ltd.[5][1] A formal unveiling ceremony was held at Changshu City, Jiangsu province.[10]

Models

Qoros 3 Sedan (2013)

In December 2011, the company released an image of its first prototype,[11] which made its first public appearance at the Geneva Motor Show in March 2013 with the Qoros 3 sedan pre-production model, together with the Qoros 3 Estate Concept and Qoros 3 Cross Hybrid Concept.[12]

In September 2013, the Qoros 3 achieved a five-star rating in the Euro NCAP crash tests, making it the first ever Chinese car to achieve such a rating. It also received the highest score for safety of any car reviewed by Euro NCAP during 2013.[13]

Sales in China commenced in December 2013, and by the first four months of 2014 the company had sold 1,490 Qoros 3 cars.[14] The sedan is to be joined by a hatchback version in July 2014. By August 2014, Qoros had sold 2,540 cars. Qoros is not expected to make a profit in the early years, "as is usual for beginning companies."[15]

At the 2014 Geneva Motor Show, Qoros displayed a concept electric bicycle called the eBIQE.[16]

References

  1. ^ a b "China’s Newest Car Brand: Qoros". The Wall Street Journal. 28 November 2011. Retrieved 24 March 2012. 
  2. ^ "A new European Brand: QOROS". Automotive Space. 1 December 2011. Retrieved 9 April 2012. 
  3. ^ "Company". Qoros Auto. Retrieved 24 March 2012. 
  4. ^ "Chery enters joint venture with Israel Corp.". Auto Blog. 26 December 2007. Retrieved 24 March 2012. 
  5. ^ a b "All-new Qoros brand to face fierce lineup of automakers". China Daily. 5 December 2011. Retrieved 24 March 2012. 
  6. ^ "Chery loses controlling stake in Quantum venture". China Automotive Review. 31 July 2009. Retrieved 24 March 2012. 
  7. ^ "Chery and Magna Steyr join forces to penetrate Europe". Malaysia Automotive Institute. Retrieved 26 March 2012. 
  8. ^ "奇瑞复活量子品牌项目 8月底可敲定品牌细节". Ichainnel. June 2010. Retrieved 26 March 2012. 
  9. ^ "Chery Quantum enterprise product strategy for the end of November release". Agile News. 10 October 2011. Retrieved 26 March 2012. 
  10. ^ a b "China's Chery launches new Qoros brand". Yahoo! Finance. 28 November 2011. Retrieved 26 March 2012. 
  11. ^ "Qoros Automotive, A new Brand In The Global Market". Car Buzz. 29 November 2011. Retrieved 26 March 2012. 
  12. ^ Madslien, Jorn (6 March 2013). "Geneva motor show: New car marque unveiled". BBC News. Retrieved 11 March 2013. 
  13. ^ Finnerty, Joe (13 January 2014). "Safest car 2013: Euro NCAP crowns Qoros 3". Auto Express. Retrieved 2 July 2014. 
  14. ^ Report – Qoros sells 1,490 cars in the first four months of 2014 Shrawan Raja, June 3, 2014
  15. ^ Israel Corp. Qoros investment mounts Globes 27/08/2014, 18:47 Aviv Levy
  16. ^ "Qoros 3 Hatch, eBIQE Concept debut China". China Daily. 24 April 2014. Retrieved 15 October 2014. 

External links

  • Company website
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