(Yicai Global) Nov. 29 -- German carmaker BMW and Chinese sport-utility vehicle producer Great Wall's joint venture Spotlight Automotive, founded for the production of Mini-model electric vehicles, held its inauguration today in Zhangjiagang in China's eastern Jiangsu province.
BMW and Great Wall Motor signed an agreement to form a 50:50 JV in China to produce Mini electric vehicles in the country in July last year in the first deal of its kind between a Chinese private auto enterprise and a foreign carmaker.
Spotlight Automotive's project is expected to break ground next year and wrap up by 2022 with a total investment estimated at about CNY5.1 billion (USD725 million). The plant will produce up to 160,000 vehicles per year and research and develop electric vehicles. Electric Mini and Chinese brand new energy vehicles will be produced there and sold worldwide when China's domestic demand is met.
Six directors will sit on the JV's board, with Chairman Zhao Guoping named by Great Wall, and the vice chairman appointed by BMW.
Editor: Ben Armour