Qoros

Qoros Auto Co., Ltd.
Private joint venture
Industry Automotive
Founded Wuhu, Anhui, China,
2007 (2007)
Headquarters Shanghai, China
Area served
 China
Key people
  • Chen Anning (President)
Products Automobiles
Owner Chery Automobile Co., Ltd. (50%)
Kenon Holdings (50%)
Website qorosauto.com/en/
Qoros
Simplified Chinese 观致汽车
Traditional Chinese 觀致汽車
Literal meaning Qoros Auto Co., Ltd.

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.[1] The current partners are Chery and Singapore-based Kenon Holdings,[2] which controls Israel Corp's investment.[3]

The partners are investing an initial US$1.5 billion in the venture.[4] 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.

Name

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.[5]

History

Chery Quantum Automotive Corporation was registered as a company in Wuhu, Anhui Province, China in December 2007.[6] 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.[7] 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.[8] In October 2009, CQAC signed a cooperation agreement with Magna Steyr.[9]

In June 2010, CQAC relocated its production plant to Changshu Economic & Technological Development Zone following an in-depth appraisal.[10] A month later the company announced that its two shareholders would increase their investment in the venture by RMB 2.25 billion apiece.[11]

In October 2011, construction of the first prototype was completed[12] and on 28 November 2011, CQAC was renamed Qoros Auto Co., Ltd.[1][7] A formal unveiling ceremony was held at Changshu, Jiangsu Province, China.[12]

The total sales for 2014, the company's first year of operation, was under 7,000 cars,[13] 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.[14] In February 2015, the company announced a new CEO, former General Motors' executive Phil Murtaugh.[15]

In February 2015, Israeli Corporation stake in Qoros was controlled[16] by its Singapore-based spin-off Kenon Holdings.[2]

Models

Qoros 3 Sedan (2013)
Qoros 3 Hatchback (2014)
Qoros 3 City SUV (2014)
Main article: Qoros 3

In December 2011, the company released an image of its first prototype,[17] which made its first public appearance at the Geneva 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.[18]

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.[19]

Sales in China commenced in December 2013, and by the first four months of 2014 the company had sold 1,490 Qoros 3 cars.[20] 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."[21] Over 2015, Qoros sold 14,000 cars.[22]

In November 2015, the Qoros 5 was launched at the Guangzhou motor show in China, with sales commencing in March 2016.[23]

Concept models

At the 2014 Geneva Motor Show, Qoros displayed a concept electric bicycle called the eBIQE.[24]

The Qoros 2 was first displayed at the 2015 Geneva Motor Show, a plug in hybrid SUV.[25]

References

  1. 1 2 "China's Newest Car Brand: Qoros". The Wall Street Journal. 28 November 2011. Retrieved 24 March 2012.
  2. 1 2 "Israel Corp. Officially Cuts Ties With Qoros". Jewish Business News. 12 February 2015.
  3. ↑ Qoros chief executive Phil Murtaugh to leave China-based carmaker Andy Sharman in London, January 6, 2016
  4. ↑ "A new European Brand: QOROS". Automotive Space. 1 December 2011. Retrieved 9 April 2012.
  5. ↑ "Company". Qoros Auto. Retrieved 24 March 2012.
  6. ↑ "Chery enters joint venture with Israel Corp.". Auto Blog. 26 December 2007. Retrieved 24 March 2012.
  7. 1 2 "All-new Qoros brand to face fierce lineup of automakers". China Daily. 5 December 2011. Retrieved 24 March 2012.
  8. ↑ "Chery loses controlling stake in Quantum venture". China Automotive Review. 31 July 2009. Retrieved 24 March 2012.
  9. ↑ "Chery and Magna Steyr join forces to penetrate Europe". Malaysia Automotive Institute. Retrieved 26 March 2012.
  10. ↑ "奇瑞复活量子品牌项目 8月底可敲定品牌细节". Ichainnel. June 2010. Retrieved 26 March 2012.
  11. ↑ "Chery Quantum enterprise product strategy for the end of November release". Agile News. 10 October 2011. Retrieved 26 March 2012.
  12. 1 2 "China's Chery launches new Qoros brand". Yahoo! Finance. 28 November 2011. Retrieved 26 March 2012.
  13. ↑ "Qoros China sales figures". Left-Lane.com. Retrieved 30 December 2015.
  14. ↑ "Qoros CEO ousted due to poor sales - report". Globes. 21 December 2014. Retrieved 22 February 2015.
  15. ↑ "Qoros hopes new CEO will boost sluggish sales". China Daily. 9 February 2015. Retrieved 22 February 2015.
  16. ↑ Qoros chief executive Phil Murtaugh to leave China-based carmaker Andy Sharman in London, January 6, 2016
  17. ↑ "Qoros Automotive, A new Brand In The Global Market". Car Buzz. 29 November 2011. Retrieved 26 March 2012.
  18. ↑ Madslien, Jorn (6 March 2013). "Geneva motor show: New car marque unveiled". BBC News. Retrieved 11 March 2013.
  19. ↑ Finnerty, Joe (13 January 2014). "Safest car 2013: Euro NCAP crowns Qoros 3". Auto Express. Retrieved 2 July 2014.
  20. ↑ Report – Qoros sells 1,490 cars in the first four months of 2014 Shrawan Raja, June 3, 2014
  21. ↑ Israel Corp. Qoros investment mounts Globes 27/08/2014, 18:47 Aviv Levy
  22. ↑ Qoros chief executive Phil Murtaugh to leave China-based carmaker Andy Sharman in London, January 6, 2016
  23. ↑ "Qoros 5 SUV debuts at Guangzhou motor show". Auto Express. 23 November 2015. Retrieved 18 February 2016.
  24. ↑ "Qoros 3 Hatch, eBIQE Concept debut China". China Daily. 24 April 2014. Retrieved 15 October 2014.
  25. ↑ "Qoros 2 SUV PHEV Concept unveiled at Shanghai motor show". Autocar. 21 April 2015. Retrieved 29 April 2015.
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