Chinese carmaker Great Wall Motor Company Limited announced a joint venture (JV) with BMW, with each side holding a 50 percent stake in the new company of new energy automobiles.
Named “Spotlight Automotive,” the JV has registered capital of 1.7 billion Yuan (256.6 million US dollars), with Great Wall and BMW Holding each contributing 850 million yuan, Great Wall Motor Company Limited said in a notice.
The new company is registered in Zhangjiagang, east China’s Jiangsu Province, and will be involved in research, development and manufacture of new energy vehicles.
The standard annual production capacity of the JV Company is estimated to be 160,000 vehicles. The annual production scale may be increased depending on the JV Company’s production planning, according to the notice.
BMW Holding B.V. is BMW AG’s wholly-owned subsidiary, registered in the Netherlands.
The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily