Shanghai (ZXZC)- On December 29, 2017, Chen Anning, general manager of Chery Automobile Co.,Ltd (Chery) and president of Qoros Automotive Co., Ltd (Qoros) was no longer the legal representative of Qoros. Chen Lin, general manager of Baoneng Holding (China) Co., Ltd., took over the post as the new legal representative of Qoros.

Meanwhile, its operation period has been extended by another 10 year from December 24, 2032 to December 24, 2042.

Previously, Qoros had two shareholders which were Wuhu Chery Automobile Investment Company Limited and Quantum (2007) LLC. At present, Qoros has the third shareholder that is an investment company also controlled by Baoneng Group .

Baoneng's senior executive becoming Qoros's legal representative is a part of actions for Baoneng to invest capital in Qoros. Besides, Baoneng has unveiled its layout of new energy vehicle's production capability in Kunming, Guangzhou, etc, and its plan to acquire more new energy vehicle businesses in future which may bring some changes to China's new energy vehicle market.