BMW may partner with Great Wall to expand Chinese production

13 October, 2017, 12:44 | Author: Darnell Taylor

The company already has an alliance with Brilliance Auto to produce its range of cars, including China-only models.

German luxury automaker BMW is seeking to establish a joint venture with China's Great Wall Motor.

While BMW already builds cars locally in a venture with Brilliance China Automotive Holdings Ltd, Great Wall doesn't have any carmaking partners in China.

Great Wall, the parent company of Haval, is the biggest SUV maker in China, while BMW is becoming increasingly spooked by the state of Britain's Brexit negotiations and is desperate to broaden the brand's manufacturing base outside the European island.

BMW's China sales grew 11.3 percent a year ago. China wants electric and hybrid cars to make up at least a fifth of the country's auto sales by 2025 and plans to loosen joint-venture regulations to achieve the target. Sergio Marchionne, CEO of FCA said his company won't consider selling Jeep as a separate entity and rejected the idea of making a deal with Chinese rival Great Wall Motor Co, reports Bloomberg.

Thus far neither automaker has officially commented on the reports.

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Great Wall, which in August expressed an interest in the Jeep brand of Italian-American automaker Fiat Chrysler Automobiles NV's, is one of China's largest vehicle makers.

The firm's shares soared as much as 19.2 percent to their highest level in over two years, before paring some gains to stand up 14 percent in afternoon trade.

Great Wall's Shanghai shares have been suspended from trading since late last month.

Brilliance China rises 1.2% to HK$21.50 after three-day losing streak.

The aim of the new partnership is so that BMW can increase production volumes and its market share in the EV segment.

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