Israel Corp., Chery will invest $668 million in Chinese joint venture
Israel Corp. plans to invest an additional $334 million (2.3 billion yuan) in a subsidiary's joint venture with Chery Automobile – an amount that will be matched by the Chinese automaker.
Quantum LLC, the automotive division of the Israeli holding company, formed the 50-50 venture in 2007 to produce vehicles for sale in China and for export. The partnership, called Chery Quantum Auto Co., will build an assembly plant with an annual capacity of 150,000 units in the port city of Changshu in the eastern province of Jiangsu.
Israel Corp. also holds a 33 percent stake in Better Place, which is developing a removable battery for use in electric vehicles. Better Place has signed a deal with the Israeli government to build recharging stations where EV motorists can swap battery packs.
In February, Edmunds.com reported that Chery Quantum is developing an electric version of the Chery Tiggo 5 SUV.
