On July 10, China Great Wall Motor Co., Ltd. (hereinafter referred to as “Great Wall”) and BMW (Netherlands) Holding Company (hereinafter referred to as “BMW”) formally signed a joint venture contract in Germany.
The joint venture agreement was signed by Wei Jianjun, founder and chairman of Great Wall Motor, and Klaus Fröhlich, R&D director of BMW Group.
According to the contract, Great Wall BMW established a joint venture company, each holding 50% of the shares. The new company is named Beam Automobile Co., Ltd. with a registered capital of RMB 1.7 billion and its registered address is Zhangjiagang City, Jiangsu Province, with a total investment of RMB 5.1 billion. injection molding tooling cost
The board of directors of the company consists of six members. The chairman of the board is appointed by the Great Wall and the vice chairman is appointed by BMW. The directors are appointed for a term of four years. The joint venture company has planned an international advanced vehicle plant with a standard annual production capacity of 160,000 units. This is the first pure electric vehicle joint venture project of the BMW Group in the world and the bridgehead for the internationalization of Great Wall New Energy Vehicles.
Accelerate the layout and development of new energy
Great Wall BMW cooperation is based on multi-round communication, mutual benefit and commercial cooperation, in line with national industrial policy trends, and in line with the society’s demand for energy-saving, environmentally friendly and efficient new energy vehicles. The joint venture will integrate the technology, resources and management advantages of both shareholders, focus on the new energy vehicle sector, and develop a new generation of pure electric vehicles for the global market. injection molding tooling cost
“Energy saving and new energy vehicles” is one of the top ten areas for China’s key development, aiming to build a low-carbon, energy-saving and green environmental protection mode of travel. The cooperation between Great Wall Motor and BMW Group is a powerful response to the optimization and upgrading of the national new energy industry.
Great Wall Motor has layout in the core areas of new energy vehicles, such as motors, electric controls, and power batteries. It has built batteries, mechanism analysis, PACK, BMS trial laboratories, and battery trial workshops, test centers, and analysis centers. In addition, Great Wall Motor has established a new energy technology R&D center in Seongnam-si, Gyeonggi-do, South Korea, and Lower Austria, Austria, using state-of-the-art talent resources to collaborate with domestic development of advanced technologies. injection molding tooling cost
Speed up globalization process
The cooperation of Great Wall BMW is a new example of open cooperation between China’s auto industry and a trend of optimizing and integrating resources around the world. It is conducive to integrating each other’s expertise and deepening the broader international market.
The Great Wall is a world-renowned SUV manufacturing company with a deep understanding of the Chinese auto market and a far-reaching layout for the international market. The Great Wall was listed in Hong Kong H shares and domestic A shares in 2003 and 2011 respectively. By the end of 2017, the total assets reached 110.547 billion yuan. At present, it owns four brands of Haval, Great Wall, WEY and Euler. In 2016 and 2017, the company has sold more than one million vehicles in the whole year. It has rich vehicle R&D, production and operation resources, and is in the core of traditional power and new energy vehicles. The field of parts development and manufacturing has a deep accumulation. injection molding tooling cost
BMW is one of the world’s leading manufacturers of automobiles and motorcycles. It has a history of 100 years of manufacturing. It owns four brands: BMW, MINI, Rolls-Royce and BMW Motorrad. It also provides auto finance and high-end travel services.
This cooperation is a powerful complement to BMW’s global strategy for new energy vehicles and to the international strategy of the Great Wall. It is a strong alliance of strengths. In the future, through deep cooperation between the two sides in brand building, management system, manufacturing and technology research and development, it will certainly open up a broader market space and accelerate the globalization process and the pace of new energy development. injection molding tooling cost