Great Wall Motor said on Friday that it hasn't signed an agreement with BMW, but said that the two companies signed a confidential agreement in February to discuss cooperation in the production of Minis. "But producing electric cars will help BMW to meet its quota now that China demands every carmaker in the country. produce a certain number of such cars starting from 2019". (GWLLY) to outsource manufacturing of its iconic Mini cars.
If the JV project moves ahead, it will be BMW's second partnership operation in China.
"The BMW Group has the largest share of the electrified market worldwide; this year, we've already sold more electrified vehicles than in the whole of last year and we are well on track to deliver our target of 100,000 by year-end".
BMW is now considering another joint venture in China so that it can increase its production volumes and strengthen its electric vehicle presence in the market.
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Bernstein analysts said they believed that any new venture of BMW and Great Wall would have to sell exclusively electric vehicles (EVs), given China's moratorium on approvals for new gasoline auto businesses.
Thus far neither automaker has officially commented on the reports. Its Shanghai-listed shares were suspended from trading, pending an announcement.
Great Wall halted trading of its shares in Hong Kong early Thursday, after media speculation that the two companies could form a joint venture resulted in a rise in its shares.
Great Wall, which does not have any car-making partners, did not make an immediate comment on the report on Wednesday, while BMW also declined to immediately comment.