BMW Group and Great Wall Motor signed a joint venture agreement
Jul 10, 2018
In the presence of Chinese Premier Li Keqiang and German Chancellor Angela Merkel, BMW Group and Great Wall Motor signed a joint venture agreement to establish a new 50:50 joint venture in China to produce MINI electric cars. The new joint venture is named “Spotlight Automotive”, for the development and production of electric vehicles in China. As well as MINI electric vehicles, the joint venture will also produce electric vehicles for Great Wall Motor. The establishment of the new company is subject to approval from the relevant Chinese authorities and the completion of business registration procedures. The joint venture will be located in Jiangsu Province, where both partners will together create a new state-of-the-art production facility.
The production of future battery-electric MINI vehicles in China, the world’s largest market for electromobility, is a key element of MINI’s continued strategic development within the BMW Group’s Strategy NUMBER ONE > NEXT. Today’s move follows the “letter of intent” signed with Great Wall Motor on 23 February 2018. It is another significant step towards the electrified future of the MINI brand, coming in addition to start-of-production next year of the first battery electric MINI at the brand’s main plant in Oxford.
“Today’s signing represents a new level of cooperation between China and Germany,” said Harald Krüger, Chairman of the Board of Management of BMW AG, during the signing ceremony. “This strategic partnership is a clear win-win for the BMW Group and Great Wall Motor, enabling us to contribute to China’s ambitious plans to ramp-up new energy vehicles and reduce emissions in the mobility sector,” elaborated Krüger.
The joint venture agreement was signed by Wei Jianjun, Founder and Chairman of Great Wall Motor, and Klaus Fröhlich, Member of Board of Management BMW AG for Development. “The strengths and expertise of both companies complement each other well,” said Fröhlich. “Our experience as a pioneer and leader in the field of electrification, coupled with Great Wall Motor’s proven track record in efficient industrialisation, enables us together to drive the growth of the largest e-mobility market in the world,” Fröhlich continued. “With our joint approach, we can quickly scale up production and increase efficiency in the highly competitive segment of compact electric vehicles.”