Auto manufacturer Qoros, controlled by Israel Corporation (TASE: ILCO) and Chinese auto maker Chery, sold 6,967 new cars in the Chinese auto market during its first complete sales year, according to auto sales figures published in China.
Qoros's sales put it in 62nd place among the 70 local and foreign car brands sold in China. Industry sources believe that these sales were lower than expected according to the company's business plan, due to delays in expanding its network of dealerships in China and difficulties in brand penetration.
In 2015, the company plans to expand its 60 dealerships to 2,000. The Qoros 3 sedan, the company's main brand sold in 2014, is priced more cheaply in China than the Volkswagen Jetta and similar premium sedans. It was announced in 2013 that Qoros' main auto plant was built for an initial production volume of 150,000 vehicles.
The German auto industry press predicted this week that Qoros's exports to the West would not begin before 2016. Qoros is now part of Kenon Holdings Ltd (TASE:KEN: NYSE: KEN-WI), which held its IPO this month.
Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2015
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