After losing the Better Place electric vehicle company, Israel Corporation moved forward with a different holding in the same industry. Qoros Auto Company Ltd., a 50:50 joint venture between Israel Corp and China’s Chery Automobile Co. Ltd., has agreed to purchase EV and hybrid parts from American Axle Manufacturing Inc. (AAM).
Qoros is a relatively new brand.
Although the company formed as Chery Quantum Automotive Corporation (CQAC) in December, 2007, they made their first public appearance as Qoros just a few months ago at the 2013 Geneva Motor Show.
Globes reports that Qoros will install AAM’s hybrid and electric driveline systems on the 2015 model of their Qoros 3 sedan, which is destined for both the Chinese and European automotive markets.
It will be manufactured in Changshu, where a production plant is currently being built (sustainably, supposedly.)
The company also unveiled The Qoros 3 Cross Hybrid concept car at the recent show, but seems to be focusing on rolling out the sedan first.
“The e-AAM hybrid and electric driveline systems consist of an electric drive unit, power box unit with an electric drive control module and a proprietary control strategy, and software for traction and hybrid controls functionality,” writes Globes.
This new partnership is expected to result in improved fuel efficiency, better handling, and the environmental benefits associated with reduced greenhouse gas emissions. (This is more the case in Europe than it is in China, where coal is still the dominant fuel source despite a burst of renewable energy plants throughout the nation.)
Now get this irony: one of Israel Corp’s biggest two holdings include Israel Chemicals and Oil Refineries Ltd. The former is responsible for an unsustainable extraction business, Dead Sea Works, that has put the famous saline lake in grave ecological danger, and what part of oil refinery goes with “sustainable” electric vehicles?
Captain Sunshine, a.k.a. Yosef Abramowitz of Arava and Energiya Global, said in a recent statement that Better Place did not cooperate with the government, nor was the government interested to give tax breaks to Idan Ofer, who is Chairman of the Board at Israel Corp and one of the country’s richest men.
Abramowitz has since absorbed Better Place along with a union of people who bought EVs from the company before it folded. They are planning to turn the remaining intellectual property and battery switching network into a national infrastructure project with a communal spirit to it.
Theirs is a fascinating concept based on a Jewish concept that places emphasis on helping others. The proposal submitted to the liquidator assigned to the case includes playing nicely with other EV car companies in the country, including Tesla.