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Magna, BAIC sign JV agreement for complete vehicle manufacturing in China

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Joint-ventures

JV will operate a manufacturing plant in Zhejiang which will have annual production capacity of up to 180,000 units

On 24 July, Magna signed a framework agreement with Chinese automaker BAIC Group and the Zhenjiang government regarding their proposed electric vehicle (EV) joint venture (JV) in Zhejiang, Jiangsu province, China, the company said in a press release on 24 July. The proposed JV, which is yet to receive regulatory approval, will be Magna’s first investment for complete vehicle manufacturing outside Europe. The JV will operate a manufacturing plant in Zhejiang which will have annual production capacity of up to 180,000 new energy vehicles (NEV). The plant is expected to start operations by late 2020.

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