Company Overview of Qoros Automotive Co., Ltd.
Qoros Automotive Co., Ltd. manufactures cars. It was formerly known as Chery Quantum Automotive Co., Ltd. and changed its name to Qoros Automotive Co., Ltd. in November 2012. The company was founded in 2007 and is based in Shanghai, China. Qoros Automotive Co., Ltd. is a joint venture between Chery Automobile Co., Ltd. and Israel Corporation Ltd.
Century Ave, 8
Founded in 2007
Key Executives for Qoros Automotive Co., Ltd.
Director of Sales and Marketing Department
Compensation as of Fiscal Year 2015.
Qoros Automotive Co., Ltd. Key Developments
Kenon Holdings Ltd. Provides Update on the Financing of Qoros Automotive Co., Ltd
Nov 6 15
Kenon Holdings Ltd. (Kenon) is working with Chery Automobile Co. Ltd. (Chery) with respect to the parties' provision of additional financing and other credit support to Qoros Automotive Co., Ltd. (Qoros). Such financing would include the provision of up to RMB 550 million (approximately $86 million) of shareholder loans to Qoros (with Kenon and Chery each providing one-half of such loans) and Kenon's provision of a guarantee of up to RMB 175 million (approximately $28 million), plus interest and fees, in respect of drawings under a Qoros loan facility, with Chery having equal guarantee obligations with respect to such facility. Kenon's and Chery's provision of such loans and guarantees, as applicable, are subject to certain conditions and matters being satisfactory to each of Kenon and Chery. Kenon intends to fund any such loans through cash on hand and additional drawdowns under its $200 million credit facility with Israel Corporation Ltd. (the credit facility). As of the date hereof, the aggregate drawdowns under the credit facility is $110 million. In addition, Kenon has agreed to restore a RMB 750 million (approximately $118 million) back-to-back guarantee of Chery's RMB 1.5 billion (approximately $251 million) guarantee in respect of Qoros' outstanding RMB 3 billion (approximately $472 million) credit facility, subject to Chery's provision of a RMB 200 million (approximately $31 million) shareholder loan to Qoros. Chery's loan to Qoros and Kenon's provision of this guarantee satisfies Chery's and Kenon's obligations under their equality agreement, pursuant to which: Chery had agreed to provide a RMB 400 million shareholder loan to Qoros to match a RMB 400 million loan provided by Kenon to Qoros in April 2015; and Kenon had agreed to find an appropriate mechanism to restore equality between it and Chery in respect of Chery's RMB 1.5 billion guarantee of Qoros' RMB 3 billion credit facility if Chery's RMB 400 million shareholder loan was provided to Qoros without the corresponding release of Chery's guarantee.
Qoros Automotive Co., Ltd. Announces Sales Results for the Month of September 2015
Oct 16 15
Qoros Automotive Co., Ltd. announced sales results for the month of September 2015. For the month the company reported sales of 1,404 vehicles, an increase of 97% year on year.
Qoros Automotive Co., Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Sales Results for the Second Quarter and Six Months Ended June 30, 2015 and for the Month of July 2015
Sep 8 15
Qoros Automotive Co., Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. Qoros had revenues of RMB 368 million for the second quarter ended June 30, 2015 as compared to RMB 209 million for the second quarter ended June 30, 2014, reflecting a 76% year-over-year increase. Qoros had loss before income tax of RMB 476 million as compared to RMB 487 million in the three months ended June 30, 2014. Qoros had capital expenditures of RMB 386 million. During this period, Qoros made investments in its next SUV model and the 2016 model year versions of the Qoros 3 Sedan, the Qoros 3 Hatch, and the Qoros 3 City SUV. Loss from operating activities was RMB 383 million against RMB 458 million last year. Loss for the period was RMB 476 million against RMB 487 million last year.
For the six months, revenues were RMB 662 million as compared to RMB 334 million last year. Qoros had loss before income tax of RMB 918 million as compared to RMB 845 million last year. Loss from operating activities was RMB 743 million against RMB 790 million last year. Loss for the period was RMB 919 million against RMB 845 million last year.
The company reported sales results for the second quarter and six months ended June 30, 2015 and for the month of July 2015. For the quarter, Qoros sold 3,256 vehicles during the period compared to 1,671 vehicles last year, representing a 95% year-over-year increase in the number of vehicles sold.
For the six months ended June 30, 2015, Qoros sold 5,744 vehicles as compared to 2,561 vehicles sold in the six months ended June 30, 2014.
In July 2015, Qoros sold 1,230 cars.
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