BMW, China's Great Wall in possible EV joint venture

BMW, China's Great Wall in possible EV joint venture

Brilliance China Automotive Holdings, which makes cars in a venture with BMW, rebounded 4.9% at 10.01am in Hong Kong after falling 2.1% on Wednesday.

"A deal with Great Wall wouldn't make sense, at least today, because the two companies have no market overlap and wouldn't achieve greater scale together", the publication quoted 65-year-old Italian-Canadian business magnate as saying. Representatives for BMW's China unit didn't immediately respond to an email seeking comments. But China's state planner has said that in principal it will not approve any new foreign joint ventures involving traditional gas-powered cars because the market is already oversupplied. The company's shares will resume trading in Hong Kong on October 16, according to the statement. "Brilliance has been long criticized as a pure financial investor in BMW-Brilliance JV without significant contribution to BMW's success in China".

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There were reports in August 2017 that Chinese automobile manufacturer Great Wall Motors was planning to buy Jeep brand from the Italian-controlled multinational corporation, Fiat Chrysler Automobiles (FCA). "Leveraging the growth of Mini in China is only possible with a local partner", the company said.

"China has made it clear that basically it will not approve of new gasoline-car partnerships". Talks with BMW are still at a preliminary stage and it is uncertain whether the cooperation will commence, the Chinese auto maker said. Founded by billionaire Chairman Wei Jianjun, the Baoding, China-based company has become the nation's leading SUV producer by offering consumers spacious models at prices cheaper than sedans from the likes of Volkswagen AG and General Motors Co. That strategy helped propel the company to a 26 percent sales surge past year.

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