Israel Corp, Chery cut funds for China car venture


TEL AVIV, March 1 (Reuters) - The Israel Corp holding company said on Sunday the initial investment in its joint venture to build cars in China would be cut to $500 million for 2009-2010 from the originally planned $900 million. Chery Quantum Auto Co is a joint venture between Israel Corp's subsidiary Quantum and China's Wuhu Chery Automobile Investment Co. The two sides also decided to change the holdings in the joint venture so that Quantum would own 50 percent instead of the 45 ...

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