Magna signs EV manufacturing JV with China's BAIC Group
JV to have capacity of up to 180,000 vehicles per year; first production of EVs planned to be launched in late 2020; capability to offer EV contract manufacturing services to other potential customers
Magna,
Executives from both companies and Zhenjiang government officials attended the signing ceremony last week. The transaction, which is pending regulatory approval and other closing conditions, is expected to close in the fourth quarter of 2019.
This joint venture, which is to be controlled by an affiliate of the
“Magna has proven experience building complete vehicles for customers,” said
“BAIC’s long-term strategy, an open and sharing philosophy, and a collaborative and innovative mindset leads us toward the top partners like Magna,” General Manager of BAIC Group,
In
The first production of electric vehicles, BJEV’s ARCFOX models, is expected for launch in late 2020. The joint venture will also be capable of offering EV contract manufacturing services to other potential customers.
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