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Qoros

From Wikipedia, the free encyclopedia
Qoros Auto Co., Ltd.
Company typeJoint venture
IndustryAutomotive
Founded2007
Defunct2022[1]
Headquarters
Shanghai
,
China
Area served
  • China
  • Slovakia[2]
Key people
  • Chen Anning (President)
ProductsAutomobiles
OwnerBaoneng Group(63%)
Chery Automobile(25%)
Kenon Holdings(12%)[3]
Websiteqoros /global/
Qoros
Simplified ChineseXem trí ô tô
Traditional ChineseXem trí ô tô
Literal meaningQoros Auto Co., Ltd.
Transcriptions
Standard Mandarin
Hanyu PinyinGuānzhì qìchē

Qoros Auto Co., Ltd.was a Chineseautomotivemanufacturing company headquartered inShanghai,China. Its principal activity was the design, development, production and sale of passenger cars sold under the Qoros marque.

It was founded as a joint venture betweenCheryandIsrael Corporation[4][5]in December 2007 under the name Chery Quantum Automotive Corporation (CQAC). The name was changed to Qoros Auto Co., Ltd. in November 2011.[6]In December 2017Baoneng Group,[7]secured a 51 percent stake in Qoros for 6.6 billion RMB.[8]

The first production model, theQoros 3,made its first public appearance at theGeneva Motor Showin March 2013[9]and went on sale in China in November 2013.

Name

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Qoros is an invented word. The Q is intended to represent quality, and the whole name to echo theGreek chorus,a collective voice in plays and music, reflecting the multinational nature of the company.[10]

History

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It was founded as a joint venture betweenCheryandIsrael Corporationin 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 theWorld Trade Organizationand 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 andKenon 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 withMagna 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 atChangshu,JiangsuProvince, China.[14]

In 2013, Qoros unveiled a sedan atop a brand-newplatformat the 2013 Shanghai Auto Show called theQoros 3.The car marked the brand's entry into the market with modern features andEuro NCAPsafety 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 purchasedPSA’s assembly plant operated byChangan PSAin Shenzhen, a southern Chinese city where PSA builds DS models. Changan PSA is a 50-50 joint venture between PSA Group and Chinese automakerChangan 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 Grouptook over 63% of the shares in Qoros, leaving Chery with 25% and Kenon Holdings with just 12%.[20] As the parent companyBaoneng Groupbegan to report financial problems in 2021, Qoros Automobile was also announced by theAnhui ProvinceWuhu 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 itscar sharingbrand "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

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2014

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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' executivePhil Murtaugh.[27]Murtaugh left the company after less than a year.[28]

2015

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Over 2015, Qoros sold 14,000 cars.[5]

2016

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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]


Models

[edit]

Qoros 3

[edit]
Main article:Qoros 3

In December 2011, the company released an image of its first prototype,[30]which made its first public appearance at theGeneva Motor Showin March 2013 with theQoros 3sedan pre-production model, together with the Qoros 3 Estate Concept and Qoros 3 Cross Hybrid Concept.[31]

In September 2013, the Qoros 3 achieved a five-star rating in theEuro NCAPcrash tests, making it the first ever Chinese car to achieve such a rating. It also received the highest score for safety of any car reviewed by Euro NCAP during 2013.[32]

In November 2015, theQoros 5was launched at the Guangzhou motor show in China, with sales commencing in March 2016.[33]

Qoros 5

[edit]
Main article:Qoros 5

TheQoros 5is the second model of automobile from the Chinese manufacturer Qoros Auto, jointly (50%–50%) owned byKenon Holdingsand China's Chery Automobile Company at the time.

The five-doorCUVwas launched at theGuangzhou Motor Showin November 2015.[34]Sales commenced in China early March 2016.

Qoros Young

[edit]
Main article:Qoros Young

TheQoros Youngis a compact crossover from the Chinese manufacturer Qoros Auto, after the holdings of Qoros was jointly (50%–50%) owned byKenon Holdingsand China's Chery Automobile Company, the Qoros Young was revealed as a rebadged version of the Chery Tiggo 7.[35]

Qoros 7

[edit]
Main article:Qoros 7

TheQoros 7is the third original model of automobile from the Chinese manufacturer Qoros Auto, under the control of Baoneng Investment Group at the time.

[edit]
  • Qoros 3 City SUV
    Qoros 3 City SUV
  • Qoros 3 Estate
    Qoros 3 Estate
  • Qoros 3 Hatchback
    Qoros 3 Hatchback
  • Qoros 3 Sedan
    Qoros 3 Sedan
  • Qoros 5
    Qoros 5
  • Qoros 7
    Qoros 7

Concept models

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eBIQE

[edit]

At the 2014 Geneva Motor Show, Qoros displayed a concept electric bicycle called the eBIQE.[36]

Qoros 2 Concept

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The Qoros 2 was first displayed at the 2015 Geneva Motor Show as a conceptplug-in hybridSUV.[37]

Qoros Mile 1 Concept

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At the 2018 Beijing Auto Show, Qoros displayed a concept GT called the Qoros Mile 1 Concept.[38]

Qoros Mile II Concept

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At the 2019 Shanghai Auto Show, Qoros displayed a concept shootingbrake called the Qoros Mile II Concept.[39]

Qoros Milestone Concept

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At the 2020 Beijing Auto Show, Qoros displayed a concept sedan called the Qoros Milestone Concept.

  • Qoros Mile 1
    Qoros Mile 1
  • Qoros Mile II
    Qoros Mile II
  • Qoros 3 Estate Concept
    Qoros 3 Estate Concept

References

[edit]
  1. ^"Qoros manufacturers are facing closure! Tens of thousands of car owners face the dilemma of no door after-sales!".15 March 2022.
  2. ^abcd"Axe falls on Qoros plan to sell cars in Europe".Auto Express.20 April 2017.Retrieved20 April2017.
  3. ^"Kenon Sells Half of Its Remaining Stake in Qoros to the Majority Shareholder for RMB 1,560 Million (US $227 Million)"(Press release). 9 January 2020.Retrieved14 April2020.
  4. ^ab"Israel Corp. Officially Cuts Ties With Qoros".Jewish Business News.12 February 2015.
  5. ^abcQoros chief executive Phil Murtaugh to leave China-based carmakerAndy Sharman in London, January 6, 2016
  6. ^ab"China's Newest Car Brand: Qoros".The Wall Street Journal. 28 November 2011.Retrieved24 March2012.
  7. ^"Baoneng Group's Strategic Investment into Qoros Auto Bring the Automaker into a New Era-Qoros Auto Official Site".qoros.Retrieved2018-01-19.
  8. ^"Qoros' new owner plans to be China's Tesla".Automotive News.Retrieved2018-01-19.
  9. ^"This is the Qoros 3".topgear.14 February 2013.Retrieved2018-01-19.
  10. ^"Company".Qoros Auto. Archived fromthe originalon 21 July 2012.Retrieved24 March2012.
  11. ^"All-new Qoros brand to face fierce lineup of automakers".China Daily. 5 December 2011.Retrieved24 March2012.
  12. ^"Chery and Magna Steyr join forces to penetrate Europe".Malaysia Automotive Institute.Retrieved26 March2012.[permanent dead link]
  13. ^"Chery sống lại lượng tử nhãn hiệu hạng mục 8 cuối tháng nhưng gõ định nhãn hiệu chi tiết".Ichainnel. June 2010. Archived fromthe originalon 19 January 2018.Retrieved26 March2012.
  14. ^ab"China's Chery launches new Qoros brand".Yahoo! Finance. 28 November 2011.Retrieved26 March2012.
  15. ^"COMPANY: INTRODUCTION".Qoros. Archived fromthe originalon 21 July 2012.Retrieved19 July2012.
  16. ^Ash (19 July 2012)."Qoros Compact Sedan Testing on Chinese Tarmac".chinacartimes.Archived fromthe originalon 20 July 2012.Retrieved19 July2012.
  17. ^"China's Baoneng boosts stake in Qoros".Automotive News Europe. 19 February 2019.Retrieved1 November2020.
  18. ^"Baoneng to acquire PSA's DS plant in China".Automotive News Europe.Retrieved1 November2020.
  19. ^"2021 Qoros 7 SUV 'starts a new journey' for the Chinese brand".caradvice.au/.Retrieved1 November2020.
  20. ^Breevoort, Leo (2023-09-03)."The Big Read – Chery (4/4) – The EV pioneer".CarNewsChina.Retrieved2024-05-05.
  21. ^"Lại một xe xí lạnh lạnh! Xem trí ô tô phá sản, bảo có thể tạo xe mộng toái!".Võng dễ tin tức.2022-12-08.Archivedfrom the original on 2023-06-23.Retrieved2023-06-23.
  22. ^"Thiêu tiền 500 trăm triệu tạo xe, bảo có thể vô lực cứu vớt xem trí: Đã bị Sơn Đông tiêu hiệp kéo hắc".Thời đại kinh tế tài chính.2022-05-11. Archived fromthe originalon 2023-07-22.Retrieved2023-07-14.
  23. ^"Xem trí ô tô bị cưỡng chế chấp hành 1236 vạn".DoNews.2023-07-12. Archived fromthe originalon 2023-07-14.Retrieved2023-07-14.
  24. ^Report – Qoros sells 1,490 cars in the first four months of 2014Archived2015-04-16 at theWayback MachineShrawan Raja, June 3, 2014
  25. ^Israel Corp. Qoros investment mountsGlobes 27/08/2014, 18:47 Aviv Levy
  26. ^"Qoros CEO ousted due to poor sales - report".Globes.21 December 2014.Retrieved22 February2015.
  27. ^"Qoros hopes new CEO will boost sluggish sales".China Daily.9 February 2015.Retrieved22 February2015.
  28. ^"Phil Murtaugh to resign as CEO of China's Qoros Automotive".Automotive News.6 January 2016.Retrieved20 April2017.
  29. ^Qoros sales surge in 2016By Li Fusheng, China Daily, 2017-02-03 16:51
  30. ^"Qoros Automotive, A new Brand In The Global Market".Car Buzz. 29 November 2011.Retrieved26 March2012.[permanent dead link]
  31. ^Madslien, Jorn (6 March 2013)."Geneva motor show: New car marque unveiled".BBC News.Retrieved11 March2013.
  32. ^Finnerty, Joe (13 January 2014)."Safest car 2013: Euro NCAP crowns Qoros 3".Auto Express.Retrieved2 July2014.
  33. ^"Qoros 5 SUV debuts at Guangzhou motor show".Auto Express.23 November 2015.Retrieved18 February2016.
  34. ^Wiltshire, Tom (23 November 2015)."Qoros 5 SUV debuts at Guangzhou motor show".Auto Express.Retrieved18 February2016.
  35. ^"Qoros Young Compact SUV Revealed In China Is Not For The Elderly".
  36. ^"Qoros 3 Hatch, eBIQE Concept debut China".China Daily.24 April 2014.Retrieved15 October2014.
  37. ^"Qoros 2 SUV PHEV Concept unveiled at Shanghai motor show".Autocar.21 April 2015.Retrieved29 April2015.
  38. ^"2018 Bắc Kinh xe triển: Xem trí MILE 1 khái niệm xe tuyên bố".Autohome.25 April 2018.Retrieved21 April2019.
  39. ^"2019 Thượng Hải xe triển: Xem trí MILE II khái niệm xe bộc lộ quan điểm".Autohome.16 April 2019.Retrieved21 April2019.
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