(Reuters) – Canadian auto parts supplier Magna International Inc (MG.TO) said on Monday it would set up two joint ventures with Beijing Electric Vehicle Co to build electric cars in China.
FILE PHOTO – Magna International Inc. CEO Donald Walker speaks to shareholders at the company’s annual general meeting in Toronto May 10, 2012. REUTERS/Fred Thornhill/File Photo
The JVs are expected to take over an existing manufacturing facility in Zhenjiang, Jiangsu, owned by the BAIC Group, the parent of Beijing Electric Vehicle Co.
The first production vehicles are planned for 2020, the companies said.
Reporting by Parikshit Mishra in Bengaluru; Editing by Sriraj Kalluvila