BMW considers Chinese joint venture with Great Wall

BMW is mulling a second Chinese joint venture to increase production volumes and bolster its electric vehicle (EV) presence, Reuters reports. It is the country's second-largest premium brand after Volkswagen AG's (VOWG_p.DE) Audi AG.

Auto manufacturers have recently announced a raft of investments and tie-ups in China.

Tesla, Ford Motor Co, Daimler AG, and General Motors are among those that have already announced plans for making electric vehicles in China.

It is believed that the new venture would aim to increase both BMW's production volumes and its EV share, as China prepares to introduce strict quotas on the percentage of plug-in offerings sold by vehicle makers.

Cars produced under the BMW and Great Wall deal will be built in the city of Changshu in the east, and a source close to the subject said only EVs would be produced there.

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. Shares in Brilliance fell on Wednesday.

Trading will be suspended pending clarification of press articles, the company said in a statement. Representatives for BMW's China unit didn't immediately respond to an email seeking comments.

It's also reported that Great Wall recently secured a deal for supplies of lithium, a key mineral in the production of battery packs in electric vehicles. Local media speculation of a tie-up with BMW sent its shares soaring 14% Wednesday, prompting suspension in trading.

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

Brokerage Jefferies said in a note that it was "understandable that BMW needs a new partner to defend its market share in a more competitive market", and expected that the move would hit current partner Brilliance.

Like this


12 October 2017
Nokia 9 Renders Reveal Curved QHD Display, Narrow Bezels And Dual Cameras
Although the render is handsome , there is always the potential that things could change before the handset goes to production. The Nokia 9 looks like a sleek device, but the company is exhibiting an excess of courage by ditching the headphone jack.

12 October 2017
Ronda Rousey Plays Coy When Asked About WWE Future
Browne is a UFC heavyweight fighter, presently ranked as the #14 heavyweight in the company. "I'm not gonna say no". She wouldn't want to ruin the surprise. "We're still making decisions on my part".

12 October 2017
Kimmel fires back at Trump: You should quit the presidency
Anyway, Kimmel took a moment to address his interaction with DJTJ - and to deliver the Weinstein joke he promised via Twitter . When one of his contestants was aggressively feeling around his trousers , he told her "You're gonna make a fine wife".

12 October 2017
SpaceX sends commercial communications satellite to space with third reused rocket
The Falcon 9 rocket's first stage was previously launched on a cargo mission to the International Space Centre in February 2017. The launch for LC-39A occurred at the beginning of SpaceX's two-hour window, which opened at 6:53 PM EDT.

12 October 2017
Prince Charles to lay Remembrance Day wreath on Queen's behalf
A statement from Buckingham Palace added: " The Queen wishes to be alongside the Duke of Edinburgh and he will be in the balcony". Buckingham Palace said this year's arrangements may not necessarily be the same for next year's service.

12 October 2017
Thermo Fisher Scientific Inc (TMO) PT Raised to $207.00 at Leerink Swann
Finally, Covington Capital Management lifted its holdings in Thermo Fisher Scientific by 0.9% during the 2nd quarter. (NYSE:TMO). Following the sale, the director now directly owns 38,757 shares of the company's stock, valued at approximately $6,790,226.40.

12 October 2017
Congress surges ahead of key rival BJP in Nanded municipal polls
Asaduddin Owaisi led All India Majlis-e-Ittehadul Muslimeen (AIMIM) which was leading in 02 seats is now behind its rivals. Sharad Pawar's NCP won 10 seats, AIMIM won 11, one seat was won by an independent candidate and two more by other parties.

12 October 2017
Fortnite Battle Royale has surpassed 10 million players
And at its peak, out of all those that jumped in, 525,000 players were concurrent at one point. According to the infographic, a total of 292,725,319 people has made this jump.

12 October 2017
$0.28 EPS Expected for Arconic Inc (ARNC)
And then on the other side of the spectrum one analyst entrenched in the bullish camp has a target as high as $28. Following the purchase, the director now owns 4,409 shares in the company, valued at approximately $108,064.59.

12 October 2017
Non-Bailable warrant issued against PTI chief Imran Khan
The warrants have been issued for the said date to ensure presence of the PTI chairman before the ECP on the next hearing. Later, when the PTI chief did not submit any response, the ECP issued a second show-cause notice to him on August 24.