Great Wall Motor Signs Initial Pact With BMW to Set Up Electric-Car Venture
February 23 2018 - 6:10AM
Dow Jones News
By Joanne Chiu
Great Wall Motor Co. (2333.HK) has signed an initial pact with
Bayerische Motoren Werke AG (BMW.XE), or BMW, to form a joint
venture to develop electric cars.
The Chinese car maker said Friday it signed a letter of intent
with the German auto manufacturer, which operates four major
brands--BMW, Mini, Rolls-Royce and BMW Motorrad--to jointly develop
and produce new-energy vehicles and related technology.
The investment scale and business model of the joint venture,
which will be majority-owned by Great Wall Motor, have yet to be
determined, it said.
The Chinese car maker faces growing pressure as Beijing pushes
to get more electric cars on roads in an effort to combat
pollution. The company signed a confidential agreement with BMW in
April 2016 to discuss the feasibility of developing battery-powered
electric vehicles as well as traditional cars.
Great Wall Motor said the proposed joint venture with BMW will
require regulators' approval.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
February 23, 2018 05:55 ET (10:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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