BMW, Great Wall Motor Will Make Joint $715 Million Investment in China EV Plant
November 29 2019 - 2:29AM
Dow Jones News
By Cristina Roca
BMW AG (BMW.XE) said on Friday that it will invest, together
with Great Wall Motor Co. (2333.HK), a total of about 650 million
euros ($715.4 million) in a joint plant to develop electric
vehicles in Zhangjiagang, China.
Providing more details on a 50-50 joint venture between the two
car makers signed in 2018, BMW said that the plant will have a
standard annual capacity of up to 160,000 vehicles, and that
construction of the plant should take place in 2020-2022, the
German car maker said.
The Zhangjiagang plant will produce electric versions of models
from BMW's MINI brand, as well as of Great Wall Motor models, BMW
said.
"This joint venture will enable us to produce a larger number of
MINI-brand fully electric vehicles at attractive conditions for the
world market," said Nicolas Peter, member of BMW's management
board.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
November 29, 2019 02:14 ET (07:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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