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February 09, 2016 7:18 AM ET

Automobiles

Company Overview of Qoros Automotive Co., Ltd.

Company Overview

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

Pudong

Shanghai,  200120

China

Founded in 2007

Phone:

86 21 6311 1111

Key Executives for Qoros Automotive Co., Ltd.

Chairman of the Board and Acting Chief Executive Officer
Director of Sales and Marketing Department
Compensation as of Fiscal Year 2015.

Qoros Automotive Co., Ltd. Key Developments

Qoros Automotive Co., Ltd. Provides Sales Guidance for the Year 2016

Qoros Automotive Co., Ltd. provided sales guidance for the year 2016. The company is aiming for sales of 50,000 units in China in 2016. The company forecasted the sales of Qoros will reach 30,000 to 50,000 units this year.

Qoros Automotive Co., Ltd. Announces Management Changes

Qoros Automotive Co., Ltd. announced that Mr. Phil Murtaugh, the current CEO will leave the company for personal reasons by the end of January 2016. In the interim, Qoros' Chairman Anning Chen will take on the role of Acting CEO, supported by Dan Cohen, Vice Chairman, and a reinvigorated operational management team.

Qoros Automotive Co., Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Reports Sales Results for the Third Quarter and Nine Months Ended September 30, 2015 and for the Month of October 2015

Qoros Automotive Co., Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenues of RMB 393,231,000 compared to RMB 235,975,000 a year ago. Loss from operating activities was RMB 365,563,000 against RMB 523,438,000 a year ago. Loss before income tax of RMB 501,622,000 as compared to RMB 589,998,000 a year ago. Loss for the period was RMB 501,781,000 compared with RMB 590,151,000 a year ago. Capital expenditures of RMB 544 million ($85 million) in the three months ended September 30, 2015, compared to RMB 1,283 million ($200 million) in the three months ended September 30, 2014 For the nine months, revenues of RMB 1,054,419,000 compared to RMB 570,479,000 a year ago. Loss from operating activities was RMB 1,073,300,000 against RMB 1,313,761,000 a year ago. Loss before income tax of RMB 1,384,672,000 as compared to RMB 1,434,595,000 a year ago. Loss for the period was RMB 1,385,107,000 compared with RMB 1,434,898,000 a year ago. The company reported sales results for the third quarter and nine months ended September 30, 2015 and for the month of October 2015. For the quarter, Qoros sold approximately 3,667 vehicles, as compared to approximately 3,256 vehicles sold in the three months ended June 30, 2015 and approximately 1,849 vehicles in the three months ended September 30, 2014, representing an increase of 13% and 98%, respectively. In the nine months ended September 30, 2015, Qoros sold approximately 9,411 vehicles, as compared to approximately 4,410 vehicles sold in the nine months ended September 30, 2014, representing an increase of 113%. In October 2015, Qoros sold approximately 1,403 vehicles.

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