Recently, BAIC Group and Magna officially signed the agreement on the high-end new energy vehicle manufacturing base of BAIC-Magna. It is reported that BAIC Group and Magna will jointly build a high-end new energy vehicle R&D and manufacturing base in Zhenjiang, Jiangsu China, the high-end EV sub-brand ARCFOX will also be put into production at this base.
In April this year, Jiangsu Provincial Development and Reform Commission issued a notice to approve the reorganization of BAIC (Zhenjiang) Automobile Co., Ltd. (hereinafter referred to as BAIC-Zhenjiang Branch) by BAIC Group and Magna. According to the announcement of Jiangsu Provincial Development and Reform Commission, BAIC and Magna will acquire and replenish 150,000-passenger-car projects of BAIC-Zhenjiang Branch under the premise of legal compliance.
It is reported that the subsidiary of the BAIC Group’s Beijing WeLion New Energy Industry Investment Co., Ltd. and Magna International Autolaunch Ireland Ltd. Will hold 51% and 49% of shares respectively after the completion of the merger and acquisition capital increase. The capacity of 150,000 passenger cars of BAIC-Zhenjiang Branch will also be changed to 150,000 new energy vehicles.
In fact, as early as January of this year, BAIC New Energy and Magna jointly established Magna WeLion New Energy Vehicle Technology (Zhenjiang) Co., Ltd. in Zhenjiang China, it committed to establishing a new complete vehicle development system for mechanism and knowledge management system.
According to the news on the official website of Zhenjiang Municipal People’s Government, BAIC Zhenjiang Base will launch the relevant models of BAIC New Energy’s high-end brand ARCFOX in 2020.