Chery Automobile Co. has failed to find a buyer for a portion of the stake it holds in Qoros Automotive Co., a Shanghai-based small carmaker equally owned by Chery and Singapore-based investment company Kenon.
On July 12, Chery put 25.5% of the interest it owns in Qoros up for sale through an equity trading exchange in the east China city of Wuhu, where it is based. Chery expected to sell the interest in Qoros for USD248 million. Bidders were expected to apply to buy the stake no later than August 8. But no bidders appeared by the deadline, according to the exchange.
Qoros, incorporated in 2007, operates an assembly plant in Changshu, a city about 100 kilometers west of Shanghai. The factory can build up to 150,000 vehicles a year. But in 2016, Qoros only sold 24,188 vehicles. The company hasn’t released sales figures so far this year. With limited sales, Qoros has suffered an accumulative loss of 6.6 billion yuan in the past three years.
