China: Magna & BAIC to cooperate on EV production
Magna and BAIC have officially signed a framework agreement with the government of the Chinese city of Zhenjiang for the production of electric vehicles. The joint venture, led by BJEV, BAIC’s electric car subsidiary, is Magna’s first investment in a complete vehicle production site outside Europe.
Magna and BJEV open development centre in China
Magna is to cooperate with Beijing Electric Vehicle (BJEV), which is the electric car subsidiary of the Chinese car manufacturer BAIC. The joint venture will open a development centre in Zhenjiang and operate under the name Magna Blue Sky NEV Technology (Zhenjiang).
Farasis sets up production in China and EU
The US American battery specialist Farasis Energy has managed to collect more than one billion dollars in a new financing round. The money will be used to fund the expansion plans for the company, which include the set up of a new factory in Europe, to join the recently completed factory in China.
Magna expanding electric car production to China
Magna is en route to make it big in China as the supplier is preparing the launch of two joint ventures with BAIC. Together they want to develop new energy vehicles and Magna stands ready to take over an existing BAIC facility that builds 180,000 EVs a year.