History
It was founded as a joint venture between Chery and Israel Corporation in December 2007 under the name Chery Quantum Automotive Corporation (CQAC);the name was changed to Qoros Auto Co.,Ltd. in November 2011. [6] The establishment of the company took place during a peak time in the development of China's automotive industry,following the country's joining the World Trade Organization and amid a phase of rapid growth in vehicle production and sales. [11]
Qoros was established as a 50-50 joint venture between Chery and Kenon's subsidiary Quantum. Kenon later took over Quantum's stake,making the current partners Chery and Kenon Holdings, [4] which controls Israel Corp's investment. [5]
Qoros opened an office in Shanghai in September 2008.
In October 2009,Qoros signed a cooperation agreement with Magna Steyr. [12]
In June 2010,Qoros relocated its production plant to Changshu Economic &Technological Development Zone following an in-depth appraisal. [13]
In October 2011,construction of the first prototype was completed. [14] A formal unveiling ceremony was held at Changshu,Jiangsu Province,China. [14]
In 2013,Qoros unveiled a sedan atop a brand-new platform at the 2013 Shanghai Auto Show called the Qoros 3. The car marked the brand's entry into the market with modern features and Euro NCAP safety certification. [15] [16]
In 2017,Qoros announced a hiatus to retail Qoros vehicles throughout Europe. [2] However,they are looking into South America as a promising market. [2]
As of early 2018,private Chinese conglomerate Baoneng Investment Group had acquired a 51 percent stake in Qoros,leaving Singaporean investment company Kenon Holdings with a 24 percent stake and Chery with a 25 percent stake. Later in January 2019,Kenon Holdings transferred the 12 percent stake of its 24 percent stake in Qoros to Baoneng Investment Group for RMB 1.56 billion yuan ($230 million). Baoneng owns 63 percent of Qoros,Kenon Holdings owns 12 percent of Qoros,and Chery Automobile continues to own 25 percent after the deal. [17]
As of January 2020,Baoneng Investment Group purchased PSA’s assembly plant operated by Changan PSA in Shenzhen,a southern Chinese city where PSA builds DS models. Changan PSA is a 50-50 joint venture between PSA Group and Chinese automaker Changan Automobile. Changan sold its 50-percent share in the joint venture with PSA to Baoneng for 1.63 billion yuan ($234 million). [18]
By September 2020,Qoros 7,the first model of Qoros under Baoneng Investment Group's control was launched. The model was also the flagship model of Qoros,as it is the largest model offered by Qoros up to date. [19]
In January 2021,Baoneng Group took over 63% of the shares in Qoros,leaving Chery with 25% and Kenon Holdings with just 12%. [20] As the parent company Baoneng Group began to report financial problems in 2021,Qoros Automobile was also announced by the Anhui Province Wuhu Economic and Technological Development Zone People's Court to auction production line equipment at the end of 2022,and was found to have Many vehicles in various provinces and cities have been seized and even listed as dishonest executors. At the same time,netizens have also noticed that its car sharing brand "Linked Cloud" has begun to take back its strongholds,and they suspect that Qoros Group is in financial crisis. [21]
In March 2022,it was dissolved due to declining vehicle sales and the rapid growth of quality of other brands,which made it uncompetitive. Although the company was dissolved,the site still exists and supports after-sales service of vehicles.
In May 2022,the Shandong Automobile Circulation Association issued a statement saying that due to the closure of the Qoros direct-sale store in Jinan and the cancellation of the factory service phone number,the association included the Baoneng Qoros Auto brand in the consumer blacklist and issued a consumer warning. On May 11,Baoneng responded that its headquarters had moved from Shenzhen Industrial Logistics Building to Shenzhen Baoneng Center. [22]
As of July 12,2023,Qoros has information on hundreds of persons subject to execution,with a total execution amount exceeding 960 million yuan. In addition,there are multiple pieces of information on dishonest persons subject to execution,consumption restriction orders and finalized cases,with a total amount of non-performance exceeding 420 million yuan. [23]
Sales
2014
Sales in China commenced in December 2013,and by the first four months of 2014 the company had sold 1,490 Qoros 3 cars. [24] The sedan is to be joined by a hatchback version in July 2014. By August 2014,Qoros had sold 2,540 cars. Qoros is not expected to make a profit in the early years,"as is usual for beginning companies." [25]
The total sales for 2014,the company's first year of operation,was under 7,000 cars,far below its planned capacity for 150,000 cars. This led to a change in senior management,including the chairman Guo Qian replaced by Chery deputy president and Jaguar Land Rover board chairman Chen Anning. [26] In February 2015,the company announced a new CEO,former General Motors' executive Phil Murtaugh. [27] Murtaugh left the company after less than a year. [28]
2015
Over 2015,Qoros sold 14,000 cars. [5]
2016
In 2016,sales of Qoros cars increased by 70 percent,totalling 24,188 for the year. [29]
The company had planned to sell models in Europe,and piloted sales in Slovakia,but in April 2017 it formally announced that it had no plans to sell cars in Europe for the foreseeable future. [2]
