Hefei-based Chery Automobile said it has signed a joint venture agreement with Quantum LLC, the US subsidiary of Israel Corp., to enter the European and US markets.
The new joint venture will be called Chery Quantum Automobile and is
financed by Quantum's USD225m cash injection while Chery brings in
technology and land. The Chinese will hold a controlling 55 per cent
stake. The total investment comes to USD1.5 bn. The joint venture is expected to start production in 2009 and aims to produce 150,000 vehicles a year.
Last year, Cherry has formed joint ventures to enter the Canadian and
the Iranian market. It also signed agreements with Chrysler and Fiat
for strategic partnerships.
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