Chinese carmaker Great Wall Motor Company Limited announced Tuesday a joint¹ venture (JV) with BMW, with each side holding a 50 percent stake in the new company of new energy automobiles².

 

中国长城汽车股份有限公司周二宣布将于宝马成立一个合资企业制造新能源汽车，双方各持50%股份。

 

Named "Spotlight³ Automotive," the JV has registered capital of 1.7 billion yuan (256.6 million U.S. dollars), with Great Wall and BMW Holding each contributing 850 million yuan, Great Wall Motor Company Limited said in a notice.

 

Total investment is 5.1 billion yuan, with the remainder covered by the JV itself through other channels.

 

The new company is registered in Zhangjiagang, east China's Jiangsu Province, and will be involved in research, development and manufacture of new energy vehicles. 

 

The standard annual production capacity of the JV Company is estimated to be 160,000 vehicles. The annual production scale may be increased depending on the JV Company's production planning, according to the notice.

 

BMW Holding B.V. is BMW AG's wholly-owned subsidiary, registered in the Netherlands.

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