Even if the European market shows no signs of improvement from the crisis, Qoros plans this year to sell here more than 10% of its 150,000 vehicles produced annually in China.
Qoros is a 50-50 JV between Israel Corporation and China’s Chery Automobile and was founded in 2007. The automaker has brought together a team of well known western car executives able to offer a German-influenced design and western standards of safety. Qoros’ team includes former head of Volkswagen’s North America operations, Volker Steinwascher and Gert Hildebrand, former chief designer at Mini.
“The car industry went through very bad times in the financial crisis but it was beneficial for us as we were able to recruit great talent in that period. We were fortunate to reach practically anybody we wanted,” said Idan Ofer, the person controlling Israel Corporation.
Qoros did not mention how much its model will costs, but experts believe that the price will be below €20,000, which means it will a tough rival for similar models offered by Toyota, GM and VW. Mr Steinwascher admitted that this is not the right moment to enter Europe, but that is why the automaker limited the exports.
“The auto industry demands heavy initial investment before you are able to sell cars,” said Mr. Steinwascher.