Struggling China-based premium vehicles maker Qoros is hoping that management and organisational changes will bring an improvement to its financial performance.
The loss-making company told China Daily that its financial performance is turning better although it remains in the red, with reports of a 2.5 billion yuan loss in 2015 following a 2.2 billion yuan loss in 2014.
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"We will be able to live on our sales revenue in two or three years. That means we will not have to rely on parent companies' support for daily operation," Qoros President Chen Anning said at a news conference in Beijing.
Chen said that the losses were expected due to high start-up costs for the automaker. "Based on our financial scale, we can live on our sales revenue when our sales reach tens of thousands of units a year," he said. The China Daily said its 2015 sales reached 14,000 units and that Chen set a goal of selling 30,000 units to 50,000 units in 2016. He said 2,500 cars were sold in March, with sales in April climbing higher due to the launch of the Qoros 5 SUV in several Chinese cities.
Chen also said Qoros will announce a powertrain collaboration with Koenigsegg at the Beijing auto show later this month.
Earlier this year the company announced that its CEO Phil Murtaugh is leaving as well as the reorganisation of business units and a number of other personnel changes.
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By GlobalDataShanghai-based Qoros was founded as a joint venture between Chery and Israel Corporation in 2007. The current partners are Chery and Singapore-based Kenon Holdings, which controls Israel Corp's investment.
