BMW looks to Great Wall to expand Chinese production

Stock fell 2.1% yesterday amid speculation BMW considering separate, domestic JV with Great Wall Motor.

A BMW executive familiar with the matter told Reuters the report was "generally true".

Cars produced under the BMW and Great Wall deal will be built in the city of Changshu in the east, and a source close to the subject said only EVs would be produced there. According to Reuters, the company's sales in China grew by 11.3 per cent previous year.

BMW is China's second-largest premium brand, behind Audi.

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.

"Based on the successful co-operation so far, the BMW Group and Brilliance China Automotive Holdings Ltd decided in June 2014 to extend the contract for their Chinese joint venture BMW Brilliance Automotive early". "We see a strong product cycle for Brilliance-BMW in the coming 3 years", Goldman Sachs analysts led by Yipeng Yang say in a note.

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

A Great Wall official declined to comment.

It's also reported that Great Wall recently secured a deal for supplies of lithium, a key mineral in the production of battery packs in electric vehicles.

The firm's shares soared as much as 19.2 percent to their highest level in over two years, before paring some gains to stand up 14 percent in afternoon trade. Additionally, rumours regarding Great Wall's interest in the Jeep brand have been circulating of late - though parent company Fiat Chrysler Automobiles (FCA) has already played down that idea.

Related News:

  • Duterte sidelines police in war on illegal drugs

    Duterte sidelines police in war on illegal drugs

    President Barack Obama's criticisms on his war on drugs, opted to strengthen ties with Russian Federation and China. Duterte cited Republic Act No. 9165, or the Comprehensive Dangerous Drugs Act of 2002 , in his new memorandum.
    Lufthansa CEO to sign Air Berlin deal today

    Lufthansa CEO to sign Air Berlin deal today

    Flights operated by Air Berlin subsidiaries Niki and LG Walter, which are not insolvent, will continue indefinitely, the company said.

    Fortune Brands Home & Security Inc (NYSE:FBHS) Sentiment Increased in Q2 2017

    Sentry Investment Management LLC increased its stake in Fortune Brands Home & Security by 1.2% in the 2nd quarter. The number of shares now owned by investors are 155.37 mln. 77 funds opened positions while 125 raised stakes.
  • What Analysts Have to Say About Pretium Res Inc (PVG)?

    What Analysts Have to Say About Pretium Res Inc (PVG)?

    The Firm is focused on the acquisition, development and commercialization of therapeutics for cancer and other medical needs. Royal Bank Of Canada reiterated an outperform rating on shares of Pretium Resources in a report on Thursday, September 7th.
    Koscielny to return, Kolasinac update, Mustafi injury long term

    Koscielny to return, Kolasinac update, Mustafi injury long term

    Arsenal are on a run of four consecutive wins in all competitions and have not lost since the 4-0 reverse to Liverpool in August. Arsenal manager Arsene Wenger reveals that Skhodran Mustafi will be missing for up to six weeks with a thigh injury.
    Gal Gadot in talks to join Nazi revenge thriller Ruin

    Gal Gadot in talks to join Nazi revenge thriller Ruin

    Further, she is also slated to star on " Wonder Woman 2" next year, with Petty Jenkins as the returning director of the sequel. Gadot , who is repped by WME, is also attached to star opposite Bradley Cooper in MGM's supernatural thriller Deeper .
  • Sentiment Report: Ensco PLC (NYSE:ESV)

    The institutional investors in our partner's database reported: 300.48 million shares, up from 252.47 million shares in 2017Q1. UBS "Upgrades" Ensco Plc (NYSE: ESV ) in a research note issued to investors on 9/25/17 to Buy with price target of $0.
    Congress leads in Nanded civic polls

    Congress leads in Nanded civic polls

    This time, 578 candidates are contesting the election to Nanded Municipal Corporation. As far as the Sena is concerned, it is not even in the race here.
    Radamel Falcao Denies Colombia 'Pact' with Peru in World Cup Qualifier

    Radamel Falcao Denies Colombia 'Pact' with Peru in World Cup Qualifier

    Not that the draw would have suited Peru , if they had won they would have gone through to the World Cup automatically. He told Colombian outlet Win Sports: "I believe that Colombia today can play against anyone".
  • Facebook Reveals its VR Headset Oculus at $199

    Facebook Reveals its VR Headset Oculus at $199

    As the name suggests, the device will run independently of a PC, phone, etc., and will be dependent entirely on its own hardware. Mark Zuckerberg announced today at this year's Oculus Connect conference the latest addition to the family, the Oculus Go .
    Smith & Nephew plc (SNN) Position Increased by Wells Fargo & Company MN

    Smith & Nephew plc (SNN) Position Increased by Wells Fargo & Company MN

    BidaskClub upgraded Smith & Nephew SNATS from a "hold" rating to a "buy" rating in a research note on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock.
    RSS to consider women shakhas, says Manmohan Vaidya after Rahul's attack

    RSS to consider women shakhas, says Manmohan Vaidya after Rahul's attack

    Congress vice-president Rahul Gandhi had accused the organisation of having no place for women. We are working for the social cause by holding 50,000 shakhas daily.


Most liked

Grab the wellies: Hurricane Ophelia is due to hit Ireland on Monday
Ophelia was moving to the northeast at 3 miles per hour with maximum sustained winds of 85 miles per hour with higher gusts. At the moment the track is very uncertain and it is therefore quite hard to decipher where the strongest winds will be.

USMNT not headed to 2018 World Cup and people are disgusted
This is the first time since 1986 that the United States has missed out on a trip to the World Cup, so this is a pretty tough pill to swallow.

Israeli spies spotted Russian hackers spying on U.S. hackers, say reports
The US Department of Homeland Security ordered all US government agencies to stop using Kaspersky products last month. Eugene Kaspersky, a businessman and former Russian Defense Ministry official, founded Kaspersky Lab in 1997.

Oculus Go: Standalone headset aims to get one billion people using VR
In the future, we'll open up new possibilities for community and co-presence, letting you hang out, play, and explore with others. Virtual reality is new, exciting, and the limited content which is now available is still quite unbelievable to experience.

Tillerson Expresses 'Profound Concern' About Turkey's Detention Of US Employees
Defense Secretary Jim Mattis said the dispute has not affected the U.S. military's relationship with Turkey's armed forces. He added that the arrest of an employee of the US Consulate General was carried out within the law.

Liberia polls: Nigeria senator calls 'fake' victory for Weah
Correspondents say that irregularities would taint the country's first democratic transfer of power in more than 70 years. The National Elections Commission (NEC) had on Wednesday cautioned against the spread of what it called 'fake results'.

N Korea says Trump has 'lit fuse of war'
It has twice tested intercontinental ballistic missiles, shot missiles directly over Japan and has conducted its sixth and largest nuclear weapon test.

Nokia 9 CAD renders show the smartphone's possible design
However, there are rumors that suggest a 6GB and an 8GB variant of the smartphone with 64GB and 128GB of internal storage. There are rumors again that the Finnish multinational giant is all set to launch another flagship phone, the Nokia 9 .

Pakistan Election Commission issues non-bailable arrest warrant against Imran Khan
The five-member ECP, bench headed by Chief Election Commissioner (CEC) Justice (retd) Sardar Raza Khan, heard the case. Imran Khan's bailable warrants that were issued on Sept 20 by Election Commission of Pakistan (ECP ).

Low-priced carrier Southwest to launch service to Hawaii
Southwest became the nation's largest domestic air carrier in 2003 and maintains that ranking based on the U.S. Watterson said Southwest has been waiting for delivery of the 737 Max 8 to deploy it on routes to Hawaii.

Rite Aid Corporation (RAD) Earning Somewhat Positive Press Coverage, Study Finds
The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website . The lowest price target is presently $N/A and the analyst with the most aggressive opinion sees the stock going to $N/A.

Star Wars: Secrets of The Empire Gets Its First Trailer
The VOID is a whole-body, fully immersive experience, with you, your friends and family walking around inside the action. But we now have a clearer idea of the virtual reality experience one Disney resort plans to offer this December.

Comprehensive Stock Analysis Of MannKind Corp. (MNKD)
It focuses on the discovery, development and commercialization of therapeutic products for diseases, such as diabetes and cancer. RBC Capital Markets maintained MannKind Corporation (NASDAQ: MNKD ) on Tuesday, May 10 with "Underperform" rating.

Jamie Carragher's Premier League XI from the season so far
Only one Manchester United star has made the line-up while the defence is split between Chelsea and Tottenham. And here is what the Liverpool legend came up with - and he gave his explanation on each selection.

Russia Protests Flag Removal at Seized San Francisco Consulate
Russia protested to the United States on October 11 over a claim that Russian flags were "stolen" from its vacated consulate in San Francisco, a charge immediately disputed by the U.S.