Shanghai, June 25 (Gasgoo.com) Chery has cut its stake in Chery Quantum Auto Co, its joint venture (JV) with Israeli investment firm Quantum LLC, to 50% from 55%, reports Automotive News China.
Citing sources close to the matter, the report says that the reduction in the stake will give Quantum greater control in the relationship.
Chery Quantum Auto was established in February 2008 and is based in Wuhu in China's Anhui Province. The venture will build Chery-designed vehicles for sale locally and abroad, with the first model expected in 2012.
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