Plans to injext another US$334 million Chinese auto venture. The cars will be built in Anhui and have an output of 150,000 vehicles a year
Media reports said that Israel Corp approved last week a plan to inject another US$334 million in Chinese auto venture Chery Quantum.
Chery Quantum Auto Co., Ltd. is a 50-50 joint venture formed in 2008 between China's largest independent carmaker Chery Automobile and Israel Corps US unit, Quantum LLC.
The joint venture intends todevelop western-standard vehicles for China's domestic market, as well as for export.
Israel Corp. now holds 50% of Chery Quantum. Quantum LLCpaid in 2008 US$225 million for 45% share.
The cars will be built in Anhui and have an output of 150,000 vehicles a year, 105,000 sedans and 45,000 SUVs.