Israel Corps owns 50 percent of the business after it invested $225 million in Chery-Quantum. The Chinese company changed its product strategy in 2009, deciding to develop an electric SUV. The car, code-named T21, has had its design created at a studio in Milan and features Cherry’s Tiggo 5 model’s design cues at a smaller scale.
According to Gasgoo, the compact SUV will use a replaceable battery located in the car’s double floor, which is expected to be supplied by the American company A123 Systems Inc, in which Israel corp. is a shareholder.
Israel Corp. will use this vehicle through one of its subsidiaries, Better Place LLC. The latter relies on the T21 to implement its business strategy, which includes recent investments - Better place is introducing the latest generation of its battery replacement station. This is a complete service for the customers, as it includes a storage and a management network. The system's research and development have been performed at the company's Petah Tikva hangar.
The company intends to develop its business by offering this infrastructure to the public. Through a recent investment, Better Place LLC has reached a value of $1.25 billion.
According to the Chinese press, the T21 will meet European and U.S.standars, as Better Place intends to use it as one of the key models through which the company will be present on these markets by 2012.