A vintage wheelcap of a BMW is pictured before a news conference marking the company's 100th birthday festivities in Munich, southern Germany, March 7, 2016. (PHOTO / AGENCIES)
BMW AG is working on a deal to outsource the manufacturing of Mini cars in China to Great Wall Motor Co, the country’s biggest SUV maker, according to people with knowledge of the plan.
The two companies are discussing possible export of Mini brand cars from China to other markets, according to the anonymous sources
The two companies are discussing possible export of Mini brand cars from China to other markets, said the officials, asking not to be identified as the deliberations are private. A spokesman for Great Wall declined to comment, saying the company will issue a formal statement later. Representatives for BMW’s China unit didn’t immediately respond to an email seeking comments.
Earlier on Thursday, Great Wall suspended trading of its shares in Hong Kong after the stock jumped 14 percent the previous day, amid speculation in local media that the two companies will form a joint venture. The German automaker already builds cars locally in a tie-up with Brilliance China Automotive Holdings Ltd.
Great Wall, founded by billionaire Chairman Wei Jianjun, has become the nation’s leading SUV maker by offering local consumers spacious models with a higher ride and at cheaper prices than sedans made by foreign makers like Volkswagen AG and General Motors Co. That strategy helped propel the
company to a 26 percent sales surge last year. Great Wall, which doesn’t have automaking partners in China, is also planning to start production in the US, Wei said in March.
The shares of the company have lagged behind rivals this year, with Geely Automobile Holdings Ltd, Brilliance China and Guangzhou Automobile Group Co all up more than 100 percent in 2017 to top a Bloomberg global gauge of automakers.
Analysts see project benefiting public at large, unlike its business-focused predecessor23 March 2018
City's scholars welcome research center proposed for Lok Ma Chau Loop, national academy's first offshore branch23 March 2018
Manufacturers offering the latest consumer and mobile electronics will be streaming to the Global Sources Exhibitions in Hong Kong next month.22 March 2018
The CPC Central Commission for Discipline Inspection has issued a circular calling on anti-graft organs to perform their duty and punish violators.22 March 2018
Over the past five years, Chinese President Xi Jinping has visited 57 countries and received more than 110 foreign heads of state.22 March 2018
The head of the Hong Kong Monetary Authority said the exchange rate may fall to the low end of the band after the US lifted borrowing costs overnight.22 March 2018
Copyright 1995 - 2017. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.