February 12, 2015 | Israel Corporation has announced that it will officially cut ties with the Chinese car manufacturer Qoros and their joint venture Chery Automobile. Israel Corp. invested $650 million over the past seven years to develop sedan cars for sale in China and Europe. Idan Ofer, the controlling shareholder of Israel Corp., will continue investing privately in Qoros. In the first quarter of 2014, Israel Corp. invested $137 million in Qoros. Israel Corp. was founded in 1968 and is currently headed by CEO Nir Gilad.