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.

Related Article: ZhongTai Electronic Vehicle will hit 250 miles

Chinese company New Power has unveiled its electric vehicle branded as ZhongTai, which it claims can cover 250 miles on a single charge for this electric vehicle. Powered by batteries weighing 300kg, the electric vehicle can touch a top speed of 75mph and go from zero to 60mph in 12 seconds. The claimed 250 mile range depends on the travelling speed: driving at a steady 60mph will have the range at 170 miles, while going at 48mph will see the range at 218 miles. The company is also pushing the electric vehicle out at a low cost, aiming at $10K USD range vs the typical $25K in the US. If that price can be accomplished, this would push the electric vehicle market to the next level.