GWM and BMW set up a new 50-50 JV Spotlight Automotive Ltd.
In the presence of China’s Prime Minister Li Keqiang and Germany’s Chancellor Angela Merkel, BMW (Netherland) Holding Ltd. (BMW) signed a contract on joint venture (JV) operation with China’s automaker Great Wall Motor (GWM) on July 10.
As the contract regulates, GWM and BMW will set up a new 50-50 JV, which will be named Spotlight Automotive Ltd., with a registered capital of RMB 1.7 billion. To be sited in Zhang Jiagang, Jiangsu Province, the new JV will enjoy a total investment of RMB 5.1 billion. The JV plans to build up a world-leading vehicle-manufacturing plant which will have an annual production capacity of 160,000 units.
The cooperation between BMW and GWM is an enhancement for GWM’s internationalization strategy. In the future, both parties will deepen their cooperation in brand building, management system, manufacturing and technology R&D, helping boost both parties’ development in NEVs as well as expand their overseas footprint.
BMW to make electric MINIs in China
China was MINI’s fourth-largest market in 2017, with 35,000 vehicles delivered, the company said.
The electrics venture with BMW is an important boost for Great Wall, which industry analysts warned would struggle to satisfy Beijing’s sales quotas due to its fuel-guzzling vehicle lineup and had yet to announce any significant electric plans.