(Yicai Global) April 7 -- Chery Automobile Co. will invest in Yibin City, Sichuan province to build a project with an annual output of 500,000 vehicles, including 200,000 new energy vehicles. Total project investment is USD800 million (CNY5.5 billion) and the estimated annual output value of the project will be up to about CNY85 billion after it reaches its designed capacity.
Chery Automobile, QUANTUM (2007) LLC, and Qoros Auto Co. signed a strategic cooperation agreement and investment agreement with the Yibin city government yesterday.
The investment for the first phase of the project is about CNY4 billion and the planned production line will output 50,000 new energy vehicles each year, and with 150,000 traditional cars, with an annual output value of about CNY35 billion after reaching its designed capacity.
Public information shows that Quantum (2007) LLC is a joint venture between Israel Corp.'s subsidiary in the United States and Chery Automobile. Qoros is a joint venture between Chery Automobile Co. and the Israel Group, with each party contributing 50 percent of the funding for the joint venture.