Qoros Auto Co., Ltd. is a Chinese automotive manufacturing company headquartered in Shanghai, China.
Its principal activity is the design, development, production and sale of passenger cars sold under the Qoros marque.
It was founded as a joint venture between Chery and Israel Corporation in December 2007 under the name Chery Quantum Automotive Corporation (CQAC); the name was changed to Qoros Auto Co., Ltd. in November 2011. The current partners are Chery and Singapore-based Kenon Holdings, which controls Israel Corp's investment.
The partners are investing an initial US$1.5 billion in the venture. The first Qoros production model, the Qoros 3, made its first public appearance at the Geneva Motor Show in March 2013 and went on sale in China in November 2013.
|Private joint venture|
|Founded||Wuhu, Anhui, China,
2007; 9 years ago
|Owner||Chery Automobile Co., Ltd.(50%)
Kenon Holdings (50%)
Qoros is an invented word. The Q is intended to represent quality, and the whole name to echo the Greek chorus, a collective voice in plays and music, reflecting the multinational nature of the company.
Chery Quantum Automotive Corporation was registered as a company in Wuhu, Anhui Province, China in December 2007. The establishment of the company took place during a peak time in the development of China's automotive industry, following the country's joining the World Trade Organization and amid a phase of rapid growth in vehicle production and sales. CQAC opened an office in Shanghai in September 2008.
In June 2009, the respective shareholdings of Chery Automobile and Israel Corporation were changed from 55/45 to 50/50, with Chery losing majority control. In October 2009, CQAC signed a cooperation agreement with Magna Steyr.
In June 2010, CQAC relocated its production plant to Changshu Economic & Technological Development Zone following an in-depth appraisal. A month later the company announced that its two shareholders would increase their investment in the venture by RMB 2.25 billion apiece.
In October 2011, construction of the first prototype was completed and on 28 November 2011, CQAC was renamed Qoros Auto Co., Ltd. A formal unveiling ceremony was held at Changshu, Jiangsu Province, China.
The total sales for 2014, the company's first year of operation, was under 7,000 cars, far below its planned capacity for 150,000 cars. This led to a change in senior management, including the chairman Guo Qian replaced by Chery deputy president and Jaguar Land Rover board chairman Chen Anning. In February 2015, the company announced a new CEO, former General Motors' executive Phil Murtaugh.
In February 2015, Israeli Corporation stake in Qoros was controlled by its Singapore-based spin-off Kenon Holdings.
In December 2011, the company released an image of its first prototype, which made its first public appearance at theGeneva Motor Show in March 2013 with the Qoros 3 sedan pre-production model, together with the Qoros 3 Estate Concept and Qoros 3 Cross Hybrid Concept.
In September 2013, the Qoros 3 achieved a five-star rating in the Euro NCAP crash tests, making it the first ever Chinese car to achieve such a rating. It also received the highest score for safety of any car reviewed by Euro NCAP during 2013.
Sales in China commenced in December 2013, and by the first four months of 2014 the company had sold 1,490 Qoros 3 cars. The sedan is to be joined by a hatchback version in July 2014. By August 2014, Qoros had sold 2,540 cars. Qoros is not expected to make a profit in the early years, "as is usual for beginning companies." Over 2015, Qoros sold 14,000 cars.
In November 2015, the Qoros 5 was launched at the Guangzhou motor show in China, with sales commencing in March 2016.
At the 2014 Geneva Motor Show, Qoros displayed a concept electric bicycle called the eBIQE.
The Qoros 2 was first displayed at the 2015 Geneva Motor Show, a plug in hybrid SUV.