(Yicai Global) Dec. 22 -- Property and financial conglomerate Baoneng Investment Group Ltd. has agreed to jointly invest CNY6.5 billion (almost USD1 billion) into Qoros Auto Ltd. along with the beleaguered carmaker's partners Chery Automobile Co. and Quantum 2007 LLC.

No details were given of their planned shareholdings in the startup or how much they would each contribute in a statement Chery released yesterday.

Shenzhen-based Baoneng plans to rev up traditional car operations and seize opportunities in the booming market for new energy vehicles to create the best Chinese auto brand. Formed in 2007, Quros ambition was to become the first domestic car brand to make it globally, but sales have disappointed.

Many of Baoneng's businesses are closely connected with vehicle manufacturing, and collaboration between the company and carmakers will create synergies, a manager at Baoneng said.

Green vehicles and telematics are the future of the auto industry, although there is still considerable room for development for fossil fueled cars, the manager said. China has witnessed the rise of domestic auto brands in the last several years and the introduction of government initiatives and policies has driven an explosion in NEV production and sales, he added.

Shanghai-based Qoros has received more than CNY17 billion in backing and has built up its human resources, sales channels, customer base and systems. With its shareholders and employees concerted efforts, the company is poised to reach a higher level of business development, the manager said.

Baoneng's business units will provide resources that Qoros needs to grow, while its subsidiaries and Qoros can work together on client acquisition, procurement, sales network, auto finance, and components and parts manufacturing, he said.