Great Wall says JV with BMW is proceeding as planned
China’s top sport utility vehicle maker Great Wall Motor (601633.SS)(2333.HK) said in a stock exchange filing on Wednesday that its joint venture with BMW (BMWG.DE) was proceeding as planned, though it was still awaiting regulatory approval, reports Trend referring to Reuters.
The statement came in response to media reports that the alliance was in trouble. German newspaper Sueddeutsche Zeitung reported on August 4 that the tie-up could fail, citing sources familiar with the matter. [bit.ly/2YPKkBN]
Great Wall said in the statement that the two sides maintain frequent communication.
“At present, the project is proceeding as planned, and the two parties are communicating on the details of the cooperation and preparing for the project to seek approval from the relevant authorities,” it said.
BMW signed an agreement with Great Wall last year to build an electric version of the Mini. It had no immediate comment on information on Great Wall filing.