Published: Пт, Октября 13, 2017
Finance | By Loren Pratt

10000 electrified BMW and MINI vehicles sold in September

Great Wall has halted trading of its shares after a 14 percent surge after news of the talks broke.

"As of the date of this announcement, the company and BMW have not entered into any legal (agreement) for the establishment of a joint venture in China", Great Wall said in its statement.

"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.

BMW's China sales grew 11.3 percent a year ago. "But producing electric cars will help BMW to meet its quota now that China demands every carmaker in the country. produce a certain number of such cars starting from 2019".

It appears that MINI production is about to venture into China for the first time, if a report by Bloomberg is to be believed. "Leveraging the growth of Mini in China is only possible with a local partner", the company said.

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Trading would be suspended pending clarification of press articles, the company said.

"We are in discussions with Great Wall about setting up a joint venture to produce cars in Changshu", said a BMW executive, who was not authorised to speak on the matter.

Bernstein analysts said they believed that any new venture of BMW and Great Wall would have to sell exclusively electric vehicles (EVs), given China's moratorium on approvals for new gasoline auto businesses.

If successfully concluded, the BMW-Great Wall talks could yield a first foreign manufacturing partner for Great Wall and a first Mini assembly site outside Europe for the German group.

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