Shanghai (Gasgoo)- On Aug. 13, Great Wall Motor (GWM) signed an investment agreement on complete vehicle joint venture project with Zhangjiagang Municipal Government, signifying that Spotlight Automotive project jointly developed by GWM and BMW was officially sited in Zhangjiagang, Jiangsu Province.
It is known that the project is located in new energy industry base, Zhangjiagang Economic & Technological Development Zone, Jiangsu Province.
Spotlight Automotive, representing a bright future, signifies greatly for both GWM and BMW. This project is not only BMW's first worldwide pure electric vehicle JV project, but also is a significant step for GWM to introduce its NEVs into global market.
On Apr. 18, GWM and BMW signed a confidential agreement of cooperation. Since then, both parties started to discuss about the joint venture. On Feb. 23, GWM announced that it has signed a letter of intent with BMW Group to set up a possible joint venture for NEV business and technologies.
In the presence of China's Prime Minister Li Keqiang and Germany's Chancellor Angela Merkel, 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. It is said that the board of directors of the JV will consist of six members. Among them, chairman will be assigned by GWM, while the vice chairman will be appointed by BMW.
According to their agreement, Spotlight Automotive Limited will focus on the R&D of MINI NEVs (including pure electric passenger vehicles) and internal combustion engine vehicle (ICEV), as well as relevant parts manufacturing.
As planned, Spotlight Automotive plans to be built into "one base and three centers". One base means BMW's global NEV manufacturing base. Three centers means that Spotlight Automotive will be BMW's global NEV R&D center, BMW's key parts manufacturing center and carbon-fiber lightweight industry center.
Apart from establishing JV, GWM and BMW will also 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.
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service: email@example.com Seller Service: firstname.lastname@example.org
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: email@example.com.