Investor Israel Corporation To Team Up With Chery Automobile
The largest Israeli holding is making alliance with Chinese manufacturer Chery. Israel Corporation has decided to forge an alliance with Chery, the Chinese car manufacturer. The largest holding of Israel had already invested in an electric car project run by entrepreneur Shai Agassi with the Renault-Nissan to put on Israel's roads next year, an electric version of the Fluence, development and design future vehicles have been entrusted to the Austrian subsidiary of Magna Steyr and Italdesign Italian.
The first step in developing the concept for four future models contsructeur Chinese Chery should be completed in October this year with an investment of 40 million Euros. The energy supply in future vehicles will be provided by a network of charging stations and battery replacement as Better Place, a company whose shareholder Israel Corporation, established on the territory of Israel.
Within three years, Magna Steyr and Italdesign will then develop a plan for a mass production factory to be built in China.
Investments should be around 300 million euros first. Leaders of Israel Corporation will consider, however, that appeal to banks and obtain government subsidies to achieve mobilize another 400 million euros and start production.
Meanwhile, the joint project Better Place and Renault-Nissan, in which Israel Corporation has invested hundreds of millions of dollars, is advancing rapidly. On the financial front, HSBC and Morgan Stanley Asset Management and Lazzard announced earlier this year that they would put an additional $ 350 million into the venture.