Lately, the National Development and Reform Commission (NDRC) approved the relocation of the joint venture passenger car project of CQAC.
In December 2007, Chery Automobile Co., Ltd. and Quantum founded CQAC with total investment of USD 950 million and registered capital of USD 500 million.
They expected that the venture project would be completed and start production at the end of 2009, designed to make 150,000 high-end car models developed by Chery a year in the first phase.
The announcement of the NDRC says that CQAC is mainly engaged in the production of sedans and sports passenger cars, which will be equipped with turbo charged engines developed and made by Chery.
CQAC has applied to the State Administration for Industry and Commerce (SAIC) for the registration of trademarks and logos. The first car model of the company will be oriented to the medium-grade car market with selling price of about CNY 100,000.