| 11:01 AM EST

Magna, BAIC Finalize China EV Partnership

Magna International Inc. and China’s BAIC Group (Beijing Automotive Industry Holding Co.) have agreed on a framework for the electric vehicle joint venture they announced last summer.
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Magna International Inc. and China’s BAIC Group (Beijing Automotive Industry Holding Co.) have agreed on a framework for the electric vehicle joint venture they announced last summer.

The deal is expected to close in the fourth quarter.

Beijing Electric Vehicle Co. (BJEV) will build jointly developed EVs at an existing BAIC facility in Zhenjiang, starting late next year with the new Arcfox model. The facility, which will be Magna’s first complete manufacturing plant outside of Europe, has capacity to build 180,000 vehicles per year.

In January, the partners opened an engineering center in Zhenjiang. They also broke ground on a test center nearby.

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