Gasgoo.com (Shanghai November 29) - The new joint venture between Chery and Quantum has officially adopted the Qoros name for its company, China Business News reported today. The venture was established in 2007 with a 3.4 billion yuan ($533.77m) registration fee.

Despite the fact that both Chery and its Israeli partner Quantum having a 50 percent share of the new venture, all of the intellectual rights will stay in China. According to Guo Qian, JV president and board chairman, Qoros vehicles will adhere to European standards and be destined for export to foreign markets. The brand is scheduled to begin business overseas in 2013.

The Qoros venture has brought Gert Hildebrand, chief designer of the Mini, out of retirement to join its design team. Former top-level VW executive Volker Steinwascher, meanwhile, will be representative of Quantum's parent company Israeli Corporation. The venture has also managed to attract managerial, engineering and design talent from international manufacturers such as GM, Jaguar Land Rover, Saab and Opel. On the supplier side, Qoros has the support of several internationally recognized suppliers, including Magna Steyr and Bosch.