Named Spotlight Automotive Ltd. and based in the Jiangsu province, Eastern China, the joint venture has a registered capital of CNY 1.7 billion (approx. USD 300 million), with 50 % of the shares held respectively by GWM and BMW. The new company represents a total investment of CNY 5.1 billion.
The Board of Directors consists of six members, in which the chairman is appointed by GWM and the Vice Chairman by BMW, serving for four years. The JV has planned an international advanced vehicle plant with an annual standard capacity of 160,000 vehicles. This is the first BEV (Battery Electric Vehicle) joint venture project of BMW Group worldwide and the bridgehead for the GWM’s new energy vehicles opening to the global market.
Jointly accelerate the new energy strategy
At present, GWM owns 4 brands, namely HAVAL, Great Wall, WEY and ORA, all of which reached more than one million vehicles sales in 2016 and 2017. With rich vehicle R&D, production and operation resources, GWM is full-fledged in R&D and manufacturing fields of traditional power and new energy core parts and components, says the company.
BMW has a history of making cars for 100 years and owns four brands – BMW, MINI, Rolls-Royce and BMW Motorrad -, and is also engaged in auto finance and high-end travel service.
This agreement is an addition to BMW’s and GMW’s global strategy for new energy vehicles. In the future, in-depth cooperation in brand building, management system, production and manufacturing, and technology R&D, will enable both parties to target a broader market, thus accelerating the new energy development and globalization.
Industries: Automotive and Road Transportation