(MENAFN) Canadian global automotive supplier Magna International has signed an agreement with Beijing Automotive Group Co., Ltd. (BAIC Group), China's largest new energy vehicle (NEV) maker, to set up two joint ventures to engineer and build NEVs in China.
Based on the deal, the new joint ventures are expected to take over an existing BAIC manufacturing plant in Zhenjiang, east China's Jiangsu Province, and the vehicles are expected to be ready in 2020, with an annual capacity of 180,000 vehicles.
CEO of Magna said: "These joint venture operations mark an historic milestone for Magna. For the first time we will be providing our customers with cars engineered and built outside our complete vehicle manufacturing facility in Austria."
Chairman of BAIC Group said: "Together we will be devoted to the research and development of new-generation NEVs and bringing the innovation and manufacturing of NEV industry to a new level."
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