The BMW Group and Chinese manufacturer Great Wall Motor formed a new joint venture (JV) to produce an all-electric version of the iconic Mini car in China, the German utility company announced Tuesday.
The new 50:50 joint venture, named Spotlight Automotive Limited, will be located in Jiangsu Province, where both partners will together create a new state-of-the-art production facility.
The signing ceremony took place on the sidelines of the autonomous and connected driving event attended by China's Premier Li Keqiang and Germany's Chancellor Angela Merkel, the company said.
The new electric Mini is due for launch next year. "As well as MINI electric vehicles, the joint venture will also produce electric vehicles for Great Wall Motor," the statement read.
''With our joint approach, we can quickly scale up production and increase efficiency in the highly competitive segment of compact electric vehicles,'' Klaus Frohlich, a board member of BMW AG for development, was quoted as saying.
''Great Wall Motor and BMW Group share a commitment to promote new energy vehicles,'' added Wei Jianjun, founder and chairman of Great Wall Motor.
(Anadolu Agency)
