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Magna To Partner Beijing Electric Vehicle Co. To Build Premium Electric Vehicles

Magna International Inc. (MGA) announced Monday its intention to form two new joint ventures with Beijing Electric Vehicle Co. Ltd (BJEV) for complete vehicle manufacturing as well as engineering of electric vehicles for customers in China. The two companies signed term sheets for the new joint ventures.

Over the coming months, Magna and BJEV will work with authorities to implement legally binding joint-venture agreements which will govern the operations of these two joint ventures.

Both joint ventures are subject to a number of conditions including agreement on final joint venture agreements and obtaining all necessary regulatory approvals.

The engineering and manufacturing joint ventures are expected to take over an existing BAIC manufacturing facility in Zhenjiang, Jiangsu Province, where the first production vehicles are planned for 2020.

The plant has the capacity to build up to 180,000 vehicles per year. The joint ventures will also be set up to offer engineering and complete vehicle manufacturing capacity to other potential customers.

In April 2018, BAIC Group, BJEV's parent company, and Magna announced they will jointly develop a next generation smart electric vehicle architecture for the Chinese market.

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