‘Globes’ Report: Qoros CEO Fired From Company

December 22, 2014 | The Israel Corporation‘s joint venture with the Chinese automaker Chery, Qoros, is currently undergoing structural changes due to poor sales performance, according to reports. “Globes” reports that a news outlet called “Chinese Business News” reported that Qoros will fire its chairman and CEO Guo Qian, who will be replaced by Chery deputy president and Jaguar Land Rover board chairman Chen Anning, together with Shi Qingren, according to internal documents. The document also reportedly details that marketing and sale director Wei Sifan will be leaving the company. Israel Corporation has invested nearly $600 million in Qoros, $122 million in 2014 alone. Qoros, established in 2007, has yet to see the sale of its vehicles take off, leading to serious losses for Israel Corporation.