Magna to Collaborate with BJEV to Build Electric Cars in China

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Beijing Electric Vehicle Co. Ltd, a subsidiary of the BAIC Group, is responsible for electric vehicles. The joint venture with Magna is planning for electric cars to be manufactured in a BAIC plant in Zhenjiang, Jiangsu Province, from 2020. The plant there will have a capacity of up to 180,000 vehicles per year. "These joint venture operations mark an historic milestone for Magna. For the first time we will be providing our customers with cars engineered and built outside our complete vehicle manufacturing facility in Graz, Austria," said Magna's CEO Don Walker.

In April 2018, Magna and BAIC had already announced the joint development of their platform for their planned electric vehicles. "Based on an open and sharing platform, we will jointly develop and manufacture premium smart electric vehicles, bringing the clean energy vehicle industry to the next level," said BAIC Group's Chairman Xu Heyi. Now that the contract has been signed, the joint venture agreements are expected to be concluded in the coming months.