trending Market Intelligence /marketintelligence/en/news-insights/trending/j8la5cbqto_lmssvupiyba2 content esgSubNav
In This List

Magna enters JVs to engineer and build electric vehicles in China

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Blog

Shore Capital is Now Available in S&P Global’s Aftermarket Research Collection

Video

S&P Capital IQ Pro | Powered by Advanced Visualization

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Magna enters JVs to engineer and build electric vehicles in China

Canadian automotive supplier Magna International Inc. said it will enter engineering and manufacturing joint ventures to develop electric vehicles with Beijing Electric Vehicle Co., Ltd., a subsidiary of state-owned Chinese automobile firm BAIC Group.

The two companies plan to use an existing BAIC manufacturing facility in Zhenjiang, Jiangsu Province which has the capacity to build up to 180,000 vehicles per year. The first production of electric vehicles for the Chinese market is expected in 2020.

Magna in April forged a separate deal with BAIC to develop next-generation smart electric vehicle architecture for the Chinese market. The architecture is expected to form the platform of the new vehicles to be launched in its joint venture with Beijing Electric.