China's Chery, Magna developing 3 compacts for Europe

Joint venture Chery Quantum Auto – owned by China's Chery Automobile and Israel Corporation – will reportedly export three compact vehicles to Europe in 2012. Austrian supplier Magna Steyr will be tasked with developing the vehicles, according to Financial Times Deutschland.

The compact vehicles will reportedly be built at a facility outside Shanghai, with annual production capacity pegged at 150,000 units. Most the of vehicles will be sold in China, but it's believed that some will be sold in Europe wearing a Qoros badge. The trio of compacts are expected to cost between 11,000 and 15,000 euros ($14,389 and $20,235 U.S. at today's exchange rate).

Here's where the Chery Quantum Auto story gets a bit fascinating: the 50:50 joint venture will reportedly look to equip its upcoming compacts with alternative powertrains and Israel Corporation holds a 30-percent stake in Better Place, the battery-swapping specialists.

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