Great Wall Motors, BMW Will Carpool on NEVs
Liao Shumin | Xu Zuwei
DATE:  Jul 11 2018
/ SOURCE:  Yicai
Great Wall Motors, BMW Will Carpool on NEVs Great Wall Motors, BMW Will Carpool on NEVs

(Yicai Global) July 11 -- Great Wall Motors has signed a contract with BMW Holding to set up a joint venture in China with a total investment of CNY5.1 billion (USD766 million), with each party holding 50 percent of the shares, it announced yesterday.

At the fifth round of Sino-German inter-governmental consultation in Berlin hosted by Chinese Premier Li Keqiang and German Chancellor Angela Merkel on July 10, Great Wall Motors and BMW (Netherlands) Holding inked the deal with officials from the two countries looking on.

The new JV company is named Spotlight Automotive, and it is registered address in Zhangjiagang City, Jiangsu province. Its registered capital is CNY1.7 billion. Its board has six members, with the chairman appointed by Great Wall Motors and the vice chairman by BMW.

The JV will integrate the technology, resource and management advantages of both shareholders and focus on the new energy vehicle sector to develop a new generation of battery electric vehicles for the global market. To this end, the JV plans a vehicle plant with annual production capacity of 160,000 vehicles.

This is the first battery electric vehicle joint venture project of the BMW Group worldwide.

Editor: Ben Armour

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Keywords:   Great Wall Motors,BMW Holding,Joint Venture,Spotlight Automotive Ltd.