(Yicai Global) Feb. 26 -- Chinese carmaker Great Wall Motor Co. and German auto giant BMW AG are considering setting up a joint venture to develop new-energy vehicles under the Mini marque in the world's largest plug-in market.

The pair penned a letter of intent but the finer details are still in the works, China's largest sports-utility vehicle maker said in a statement. The new company will focus on NEVs and other modern automotive technologies with production of the new Minis starting in 2019, it added.

Plug-in vehicles are a serious business in China. Some 605,500 new-energy passenger cars sold there last year as the nation captured a 49-percent share of the global NEV market and grew 30 times faster than the worldwide average, according to data from industry researcher EV Volumes.

In order to set up shop in the world's largest auto market, foreign carmakers need to link up with a local producer through a joint venture. BMW already manufactures new-energy cars in the country via a partnership with Brilliance Auto Co.

BMW opted to be a minority shareholder in the joint venture, meaning Great Wall will hold the rights to any technologies developed by the firm.