Quantum, an American branch of Israel, Corp., is teaming up with China's much-publicized Chery in a $743 million venture to produce a line of cars for sale in China, as well as internationally. Quantum is investing $225 million to take a 43% share.
The Wall Street Journal reported back in May that the company planned four new models including sedans and an SUV. That report said Chery hoped to produce 150,000 cars a year, including the company's first "high-end" sedan. Inside Line says the cars will be exported to the U.S., with production beginning in 2009. China Car Times learned that unlike the deal with Chrysler, the deal with Quantum allows Chery to brand the cars as their own.
[Sources: China Car Times, The Wall Street Journal, InTech and Inside Line]