Details on Chery-Quantum venture to be released in end of November

Gasgoo.com (Shanghai November 3) - Chery will be unveiling detailed brand development plans in its venture with Quantum on November 28th, the Beijing Times reported today. Meanwhile, the companies officially unveiled their logo earlier this week.

The partnership with Quantum, a subsidiary of Israel's largest holding company, the Israel Corporation, will focus on developing a new brand: Qoros. The Qoros brand already has three brand new models planned for sale both China and the West, with its first European sales scheduled for 2012. The new vehicles will be priced between 11,000 and 15,000 euros ($14,895-$20,311).

Chery and Quantum will work aside Austrian automobile manufacturer Magna Steyr, who will aid in confirming engineering R&D, design, production and quality control adheres to European standards. Graz-based Magna Steyr aided in manufacture of the Mercedes G-Class, BMW X3, Mini Countryman and Peugeot RCZ, and has technological partnerships with FAW Hongqi, FAW-VW, SAIC and Shaanxi Automobile Group.