Carmaking joint venture planned

A Chinese auto manufacturer plans to launch a joint venture with the American unit of an Israeli holding company. The planned venture between Quantum LLC, an American arm of Israel Corp., and China’s Cherry Automobile company would produce a few models, including some higher-end automobiles, according to a Cherry spokesman. “We’re still going through the procedure for getting the (Chinese) government’s approval,” spokesman Jin Yibo said, according to a report in Marketwatch. Chinese state media reported Thursday that Quantum agreed to make Chery-branded cars for sale in China and for export to the United States.

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