Israeli Firm, Chinese Auto Maker Said to be Developing Electric Car
Quantum, an American subsidiary of holding company Israel Corp., announced it was embarking on a joint venture with an unnamed Asian automaker, reported Detroit News. Israel Corp. has now won approval from China's still heavily centralized government to set up shop in partnership with Chery Automobile.
The Israeli partner will take a 45% stake in the venture, worth about $225m, with Chery presumably taking the other 55%. The news of the deal was announced shortly after reports of an ambitious plan to put 10,000 electric cars on Israeli roads by 2010. Chery was the first brand of the Chinese automakers that now manufactures outside of China, operating its own plants in Iran, Malaysia, Bangladesh and Argentina. Yet it's still not known where the new Sino-Israeli cars will be built.
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