Qoros, the Chinese carmaker that's a joint venture between Chery Automotive and Israel Corporation, has released a couple of teaser images of the small sedan it has planned for next year's Geneva Motor Show. Qoros, a play on the word "chorus," is already almost six years old, and unlike other start-ups we've watched over the years, appears to have spent that time working on a properly vetted automobile with the help of industry-standard suppliers.
In reporting on a $350 million funding round for Better Place, we said that we doubted another automaker besides Nissan-Renault is building vehicles that would work with the company's battery-swapping system. Might a report in Globes prove us wrong? According to the Israeli business news site, the "Chinese media" has disclosed that the Chery-Quantum joint venture (a 50 percent stake of which is held by Israel Corp., Better Place's chief investor) is designing a compact electric jeep at a studio
Less than two weeks after Chery unveiled its first electric car (above) comes news that the joint venture the Chinese car maker has with Israel Corporation Ltd. is set to speed up. The holding company belonging to the Ofer family, which has $100 million or so invested in Better Place, has said that, although it will pare down its investment, it will also speed things up. When we had reported about the deal a little over a year ago it was "only" worth $225 million but apparently it had grown to $
Back in 2004 serial automotive entrepreneur Malcolm Bricklin announced plans to collaborate with "rogue" Chinese automaker Chery Motors to bring new cars to the US market. Chery is referred to as "rogue" because the company never actually got permission from the Chinese government to get into the car business. Needless to say, the deal eventually fell apart when Chery decided to hook up first with Israel Corp and Quantum LLC for a different joint venture which has also yet to come to fruition.
Israel Corp plans to invest $100m in a new electric car. They will own 33 percent of the venture, which will have a total initial investment of $200m. The face on this deal is Shai Agassi, blogger, who also has had a little job (he says sarcastically) heading SAP, the world's largest business software company. He has had a few things to say about electric cars. Here are some quotes from a speech he made:
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