Chery electric car venture with Israel Corp. speeds up, slims down
The rearrangement doesn't call for any new cash outlays for the next couple of years beyond the $200 million each has already thrown down. Other refinements to the plan include the postponement of new plant construction in favor of using Chery's existing capacity and a reduction in the number of different models to be produced. Although Israel Corp said that "development would begin now," it was unstated what type or how many models would be produced. We'll keep an eye on the situation and let you know what develops.
[Source: Jerusalem Post]
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