Business

Jeep not for sale; Great Wall mulls a joint venture with BMW

Jeep not for sale; Great Wall mulls a joint venture with BMW

BMW is reportedly in talks with Chinese automaker Great Wall Motors to outsource Chinese production of the iconic Mini.

There were reports in August 2017 that Chinese automobile manufacturer Great Wall Motors was planning to buy Jeep brand from the Italian-controlled multinational corporation, Fiat Chrysler Automobiles (FCA).

BMW is now considering another joint venture in China so that it can increase its production volumes and strengthen its electric vehicle presence in the market. Spokespeople from BMW and Great Wall declined to comment on the matter, with the latter saying that the company will issue a statement later. That strategy helped propel the company to a 26 percent sales surge a year ago.

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If the JV project moves ahead, it will be BMW's second partnership operation in China.

China wants electric and hybrid cars to make up at least a fifth of the country's auto sales by 2025 and plans to loosen joint-venture regulations to achieve its aim. Trading in the stock will resume on Monday, the company said. Talks with BMW are still at a preliminary stage and it is uncertain whether the cooperation will commence, the Chinese vehicle maker said.

Great Wall, which in August expressed an interest in the Jeep brand of Italian-American automaker Fiat Chrysler Automobiles NV's, is one of China's largest vehicle makers. The German carmaker now has a joint venture with Brilliance China Automotive Holding, with the contract to expire by 2028. It added that both companies signed an agreement in April 2016 to study the feasibility of developing electric vehicles and traditional power vehicles in China.

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