Great Wall Motor Co., Ltd. and Zhangjiagang Municipal Government signed in Nanjing a cooperation agreement on the development of a new energy vehicle project by joining hands with BMW to build Spotlight Automotive. Governor Wu Zhenglong attended the signing ceremony and met with Wei Jianjun, chairman of Great Wall Motor.
Wu Zhenglong said that Jiangsu lies at the eastern coast and the intersection of the Belt and Road initiative with solid manufacturing foundation, strong consumption power, rich innovative talent resources, and perfect industrial policies and infrastructure.
Since the beginning of this year, the province has maintained stable economic operation, the governor said, adding that the province is now guided by Xi Jinping's new era of socialism with Chinese characteristics to promote the practices and the new development concept by following the requirements for high-quality development, striving to build an advanced manufacturing cluster with international competitiveness and promote the industry towards the global high-end industry and value chain.
The governor spoke highly of the joint venture to build Spotlight Automotive in Zhangjiagang, adding that the provincial party committee and the provincial government and the Suzhou municipal government will fully support the project construction, create a better business environment for the high-quality development of the enterprises and promote cooperation for more fruitful results.
Wei Jianjun said that Great Wall Motor has maintained close cooperation with Jiangsu-based enterprises for a long time. It will give full play to the mechanism advantages and resource advantages of joint venture projects and make new and greater contributions to Jiangsu's economic development.
Chinese car-maker Great Wall Motor Company Limited established a joint venture with BMW in July with each side holding a 50 percent stake in the new company of new energy automobiles.
Named "Spotlight Automotive," the JV has registered capital of 1.7 billion yuan or 256.6 million U.S. dollars, with Great Wall and BMW Holding each contributing 850 million yuan, Great Wall Motor Company Limited said in a notice.
Total investment is 5.1 billion yuan, with the remainder covered by the JV itself through other channels.
The new company is registered in Zhangjiagang, east China's Jiangsu Province, and will be involved in research, development and manufacture of new energy vehicles.
The standard annual production capacity of the JV Company is estimated to be 160,000 vehicles. The annual production scale may be increased depending on the JV Company's production planning, according to the notice.
BMW Holding B.V. is BMW AG's wholly-owned subsidiary, registered in the Netherlands.
(source：ourjiangsu.com）
