Recently, the first batch of overseas export vehicles of Baoneng Automobile Import and Export Company were sold to Iraq from Qoros Changshu Base. It is reported that Qoros Auto relies on the resources of Baoneng Group to achieve a breakthrough in overseas business.
It is reported that Qoros Auto is working with parent company Baoneng Group to promote international business. At present, Baoneng Automobile Import and Export Corporation has completed inspections of various regional markets in Southeast Asia, the Middle East, Africa, Eastern Europe, and Central and South America. In November of this year, Baoneng Automobile Import and Export Corporation signed a cooperation agreement with Sunnyar Motor, a Middle East regional auto dealer group.
According to an announcement issued by Kanon Holdings, the parent company of Qoros Auto in January 2018, Baoneng Group acquired a 51% stake in Qoros for 6.63 billion yuan, becoming the controlling shareholder of Qoros. In January 2019, Kenon Holdings issued another announcement saying that its 12% stake in Qoros was also transferred to Baoneng Group. In other words, Baoneng Group currently holds a 63% stake in Qoros.
Since achieving control of Qoros Auto, Baoneng Group has carried out various reforms to Qoros Auto. At the end of February this year, Baoneng Group introduced the former Nissan-Renault alliance global new energy director Yashima and male Japanese Executive team to change the development dilemma of Qoros. But as of now, the situation of Qoros has not improved significantly.
According to the sales data released by CPCA, in the first 10 months of this year, the cumulative sales of Qoros Auto was 19,261, a year-on-year decrease of 64.3%. In the future, it remains to be seen whether Qoros Auto will use its export business to reverse the current situation.