According to the Jerusalem Post, Israel Corporation Ltd., a holding company controlled by the Ofer family, will develop a joint venture with China's Chery Automobile to accelerate development of electric cars. Israel Corp. and Chery Automobile will spend $500 million in Chery Quantum Auto Co. Chery Automobile launched its first electronic vehicle last February called S18. Chery S18 is capable of traveling as many as 93 miles on each charge and the maximum speed reaches 75 mph. According to Israel Corp, neither partner would have to invest more than the $200M they have already committed over the next two years. The next transfer of cash, approximately $40m, would only be required in 2011 and may not be needed at all. Since Israel Corporation has about $100 million invested in Better Place, this joint venture may also bring potential possibilities of linking Better Place with a leading Chinese automobile company.

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