Chery Quantum Auto Co, a joint venture between Chery Automobile and investment firm Israel Corp, yesterday unveiled the design of its first car, which it hopes will allow it to reverse a trend and export made-in-China cars to Western Europe.
The 50-50 joint venture between Israel Corp and Chery Automobile was set up in 2007. The new brand, called Qoros, is targeting sales in 2013.
Chinese carmakers have been shaking up the global auto scene with their deep pockets, with Geely buying Swedish brand Volvo Car, but so far they have failed to break into the Western market with their local brands.
China has been a key market for European carmakers for some time, but Chinese carmakers have not so far managed to sell their cars in Europe.
State-owned Chery, China's biggest auto exporter, has made inroads into South America, but failed to make its mark in US or Western European markets with its own branded cars.