BMW plans to open a joint venture with China’s Great Wall Motor

Almaty. October 12. Silkroadnews - BMW plans to open a joint venture with China’s Great Wall Motor, Reuters reported referring to a source familiar with the matter.
“German luxury automaker BMW (BMWG.DE) is looking to form a joint venture with Great Wall Motor (2333.HK), a source familiar with the matter said, sending shares in the Chinese automaker up by nearly a fifth,” the report said.
It is reported that Great Wall’s Hong Kong-listed shares rose 19.2% to their highest level in the last two years.
BMW is considering the possibility of opening an assembly plant in the eastern Chinese city of Changshu, though it is not yet known at what stage the negotiations are and whether China’s central government has already approved a joint venture establishment.
As the agency recalls, foreign automakers announced the beginning of investment into production of electric vehicles in China, where electric and hybrid vehicles should account for at least a fifth of the country’s auto sales by 2025.
Tesla, Ford Motor Co., Daimler AG and General Motors are among the firms that have already announced plans to start making electric vehicles in China.
BMW already has a joint venture in China with local automaker Brilliance China Automotive Holdings.