China's leading SUV manufacturer Great Wall Motor on Friday announced its plan to establish a joint venture with German premium automaker BMW to cooperate in the new energy vehicle sector.
The German carmaker also released an announcement on the same day that the duo has inked a letter of intent to produce battery electric models of its Mini cars in China under the joint venture against the backdrop that China has become the world's largest electric vehicle (EV) market.
BMW also said that the two sides will soon discuss the details of the possible joint venture, including the production location and the size of the investments.
As the world's leading maker of automobiles and motorcycles, BMW currently owns four brands, including BMW, Mini, Rolls-Royce and BMW Motorrad. It also provides high-quality financial and mobile services.
BMW delivered 2.464 million units globally in 2017, a growth of 4.1 percent year-on-year, among which the sales of EVs reached over 100,000 units, making it one of the largest EV producers worldwide.
Meanwhile, the German automaker sold 372,000 cars in China last year, among which Mini took up 35,000 units.
Previously, BMW has partnered with another Chinese automaker Brilliance Auto to set up a joint venture in China, under the name of BMW Brilliance Automotive, with two plants to produce automobiles and one engine factory.
Set up in 1984, Great Wall Motor, the Hebei Province-located Chinese auto manufacturer, currently is the largest SUV producer in the country, with total assets of some 92.3 billion yuan as of the end of 2016, according to its official website. It now possesses three brands, i.e., Great Wall, Haval, and Way.
Analysts have pointed out that the deal will help the Chinese automaker to meet the requirements of the Chinese authorities that every carmaker in China must produce a certain quota of EVs starting from this year.
The German carmaker also released an announcement on the same day that the duo has inked a letter of intent to produce battery electric models of its Mini cars in China under the joint venture against the backdrop that China has become the world's largest electric vehicle (EV) market.
BMW also said that the two sides will soon discuss the details of the possible joint venture, including the production location and the size of the investments.
As the world's leading maker of automobiles and motorcycles, BMW currently owns four brands, including BMW, Mini, Rolls-Royce and BMW Motorrad. It also provides high-quality financial and mobile services.
BMW delivered 2.464 million units globally in 2017, a growth of 4.1 percent year-on-year, among which the sales of EVs reached over 100,000 units, making it one of the largest EV producers worldwide.
Meanwhile, the German automaker sold 372,000 cars in China last year, among which Mini took up 35,000 units.
Previously, BMW has partnered with another Chinese automaker Brilliance Auto to set up a joint venture in China, under the name of BMW Brilliance Automotive, with two plants to produce automobiles and one engine factory.
Set up in 1984, Great Wall Motor, the Hebei Province-located Chinese auto manufacturer, currently is the largest SUV producer in the country, with total assets of some 92.3 billion yuan as of the end of 2016, according to its official website. It now possesses three brands, i.e., Great Wall, Haval, and Way.
Analysts have pointed out that the deal will help the Chinese automaker to meet the requirements of the Chinese authorities that every carmaker in China must produce a certain quota of EVs starting from this year.
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