Qoros Responds to Rumor: New Investors Are Undetermined

Shanghai, June 28, Gasgoo - June 27, Qoros issued a statement that no confirmed information about can be disclosed and that Qoros Motor as well as shareholders will insist an open attitude to welcome investors from all parties.
This statement undoubtedly denies the rumor about the acquisition of Qoros.
The brand of Qoros has always been the focus of attention since its first model launched in 2012. However, its income has continued to decline. The losses were 2.2 billion yuan in 2014, 2.5 billion yuan in 2015 and 1.9 billion yuan in 2016 respectively.
In addition to the loss of income, sales also drops at the same time. In 2017, sales of Qoros continued to decline with wholesale sales dropping to 3,700 units from 4,896 units in the previous year, a decline of 24% compared to the previous year. In face of continued losses and poor sales, on June 16, Kenon Holdings, foreign parent company of Qoros, announced that it has signed an investment agreement with a Chinese company which plans to invest 6.5 billion yuan in exchange for 51% holding right of Qoros. Besides, news comes out that Baoneng, Baidu, Wuliangye, Tencent and other companies are also to invest in Qoros.
For the status quo of Qoros, insiders believe that it is not possible that Qoros can get over the difficulties by itself. Its ability of manufacturing would be an important source of its selling value. Despite years of losses, it still holds system of R & D and manufacturing, which is the source of drawing attention of all parties.