Magna, BAIC Group and the Zhenjiang government havecelebrated the signing of a framework agreement governing their electric vehicle manufacturing joint venture in Zhenjiang, China , which marks another milestone of their continued cooperation.
Magna celebrates the signing of its first complete vehicle manufacturing joint venture in China
Executives from both companies and Zhenjiang government officials attended the celebration. 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 Mr.
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.
Magna is a leading global automotive supplier with 348 manufacturing operations and 91 product development, engineering and sales centres in 28 countries. We have over 172,000 employees focused on delivering superior value to our customers through innovative processes and World Class Manufacturing.