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In the difficult climate, the jobs of Chinese carmaker cuts, the transition to green cars.
BEIJING Chinese carmaker Qoros, founded 10 years ago, has cut jobs and shifting its focus to the fastest growing electric cars in response to increased competition in the largest car market in the world.
In unreported cuts previously Qoros, which is supported by nearly $ 1 billion each of Chery Automobile and Israel Kenon Holdings funded by KEN N, contributed more than a fifth of its workforce - up to 1910 ago in 2450 two years, a spokesman said.
Four former employees Qoros said the cuts included the recent loss of about 80 engineering contractors and workers, non-Chinese employees mostly more expensive and executives.
Qoros won quality awards for petrol cars, including his SUV Qoros 5 launched last year, but now it highlights some of the autostart risks facing increased competition and a slowdown the Chinese economy weigh on car sales.
You tend to drink Kool-Aid and believe that the forecast you had while you grow and grow and grow, and before you know it, you have a monster, Dan Cohen, vice president, said in an interview that I see happening now other startups.
Chinese automakers such as Geely Automobile established Holdings and Great Wall Motor catch up with global competitors in terms of quality; Global automakers are increasingly competing with cheaper models; and dozens of local electric car startups aggressive crowd a new energy market promoted by the government.
lost about 9 5 billion yuan 1 4 billion Qoros based in Shanghai since its establishment, and missed sales targets by some margin.
He recently had talks with Chery on how to cut costs, said an employee recently laid off, who do not want to be named as he seeks a new job.
Qoros capitalizes larger scale of Chery to search for best deals in shopping areas, and the two companies plan to launch additional platform that can be quickly put into mass production, says Cohen.
Chery sharing resources with all its partners, which include a joint venture with Jaguar Land Rover in the research, production, manufacturing and personnel associated with parts, a spokesman told Reuters, adding two shareholders Qoros continue as before to support its development.
Cohen said Qoros must pursue vigorously advances in battery electric and plug-in hybrid cars, as well as autonomous driving to stay competitive.
Qoros will eventually be a new energy company EVN vehicle, which is 100 percent safe, he said.
Electric vehicles are easier to build - a manufacturer can easily order a battery and an electric motor of a third party and put it in a standard car part, but if it is that simple, rivals can do the same thing, increasing competitive pressure, said Yale Zhang, managing director of consultancy automotive foresight.
The Chinese government is pushing the battery and plug-in hybrid cars to reduce pollution and improve local automotive technology sales in this segment increased by more than sixfold since 2014.
In terms of survival, Qoros may have a financial advantage over other startups electric cars, which are mainly supported by risk capital which will be faster to pull the plug if sales targets are missed, said Zhang.
The investors are different Qoros The Israeli investor seems very generous and the local investor is a company belonging to the state, he noted.
Idan Ofer, an Israeli businessman who is the main shareholder of Kenon, inherited half of the business empire his father and showed an appetite for risk - to invest in a company the electric car charging station called Better Place, which went bankrupt in 2013, and a specialist in deep-water driller Pacific Drilling SA PACD N, whose market value in the United States dropped the price of oil.
the equity in Ofer has more halved since 2013-3000000000, according to Forbes magazine.
A third representative Kenon declined to comment.
Cohen, who worked for Ofer before joining Qoros said Kenon remains attached to the automaker despite the grant of deposits that indicate Kenon seeks to reduce its exposure to Qoros.
For now, Cohen says Qoros continue to improve its gasoline vehicles, and expects sales to increase by more than 50 percent this year to at least 37,000 vehicles, but future products will be mainly NEV He said that he had hoped to be selling 150,000 cars a year by 2015 or 2016.
Qoros hopes to nearly double its dealers this year to 200, the spokesman said, with Cohen recognizing its current network is too small and often in the wrong places.
Cohen said he expects Qoros to be profitable by 2018.
Compared Jake Spring; Edited by Ian Geoghegan.
In tougher Chinese automaker climate of cuts jobs Reuters moves to green cars, more difficult climate, Chinese automaker.
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