BMW, Great Wall sign letter of intent for electric Mini JV

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German premium carmaker BMW and Great Wall Motor Co. have signed a letter of intent to set up a joint venture for the production of Mini electric vehicles in China, BMW said on Friday.

“Next steps will be to agree on the details of a possible joint venture and cooperation agreement and clarify aspects such as the choice of production location and concrete investments,” BMW said.

It said it would separately further expand its existing Chinese manufacturing venture with Brilliance Auto.

Source(s): Reuters