“In the past, the Great Wall did not want to make joint ventures, but it was not a joint venture. (Great Wall and BMW) This time it is a joint venture between private enterprises and the most quality joint venture.†Great Wall Motor and BMW on July 11 At the group signing media forum, Wei Jianjun, chairman of Great Wall Motor, said.
On July 10, Great Wall Motor announced that Great Wall Motor and BMW had established a Sino-foreign joint venture beam car, holding 50% of each holding. The total investment of the joint venture company is 5.1 billion yuan, of which the registered capital is 1.7 billion yuan. The company will develop and produce electric vehicle products for Great Wall Motor, including the MINI electric vehicle. “The capital contribution of the company and BMW Holdings to the registered capital of the joint venture company is 850 million yuan. The remaining investment amount of the total investment is self-raised by the joint venture company. The standard production capacity of the joint venture company is expected to be 160,000 units.â€
For the cooperation between the Great Wall and BMW, Wei Jianjun, who is difficult to hide his joy, said: "We are a bit like free love, first moved together, July 10 is the engagement day of both parties, and then the wedding." For this joint venture experience, Wei Jianjun Jokingly said: "It’s like a two-year love run."
In fact, Great Wall and BMW signed a confidentiality agreement on the feasibility of exploring and developing pure electric vehicles and traditional electric vehicles as early as April 18, 2016, and signed the MINI brand on February 21, 2017. Agreement on the feasibility of car cooperation to explore and evaluate. On February 23 this year, the Great Wall and BMW signed the "Cooperation Letter of Intent". The information revealed at the time was that the new joint venture between BMW and Great Wall would produce MINI pure electric vehicles.
Wei Jianjun said that after the cooperation of Great Wall BMW, in terms of core technology, the Great Wall will be fully open in various forms, and production resources can also be cooperated through OEM or shareholding, including cooperation with Internet companies, intelligent interconnection and automatic driving. And the supplier also cooperates with the OEM.
Speaking of the products and channels of the joint venture company, Wei Jianjun said that the new brand will establish a certain number of image stores, but will not sell. “The production of new energy vehicles will not be large, and MINI’s sales channels may continue to be used. In the future, as new energy production increases, it will not rule out the establishment of independent new channels.â€
In terms of the supply chain system, according to Wei Jianjun, Great Wall's power battery will probably use new products. At the same time, Great Wall does not rule out the purchase of third-party batteries. In terms of technology, BMW will make a greater contribution to improving the understanding and standards of technology.
As the person in charge of the Great Wall BMW project, Zhao Guoqing, vice president of Great Wall Motor, revealed that the first model of the beam car is expected to be put into production in the first half of 2021. The new company will establish its own R&D center and use the existing channels of Great Wall BMW to sell. In order to reduce operating costs and risks, MINI electric vehicles will continue to use BMW's domestic and international channels for sales, and the new brand will use the Great Wall Motor channel to sell.
For the distribution of new energy points that everyone is generally concerned about, Zhao Guoqing said that the points allocation of the new joint venture company will be distributed according to the stock ratio, which is the current 50:50.
It is worth mentioning that in the announcement issued by Great Wall Motor, the business scope of the joint venture company can develop and produce traditional fuel vehicles in addition to research and development and production of new energy vehicles. In this regard, Zhao Guoqing added that since the MINI brand includes electric vehicles and fuel vehicles, and the MINI products produced will be shipped overseas, the fuel range will be included in the business scope, and other fuel vehicle plans are still under discussion.
In the industry's view, the establishment of the new joint venture company, in the case of the Great Wall, not only can get the opportunity to cooperate with luxury car brands, but more importantly, it can solve the fuel limit and new energy points; for BMW, the marriage of the Great Wall It is an important part of MINI's global strategy.
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