Great Wall Motor Co Ltd.’s Hong Kong shares were gaining around 14% on Wednesday following media reports that German automaker BMW is looking to form a joint venture with the Chinese firm. The company’s Shanghai-listed shares were suspended from trading, pending an announcement, RTT News reported. The automakers are considering the possibility of opening an assembly plant in the eastern Chinese city of Changshu, a BMW executive said, while declining to say what type of vehicles would be put together there. A venture with Great Wall would be BMW’s second in China, the world’s largest auto market. It has a joint venture with local carmaker Brilliance China Automotive Holdings. Foreign carmakers have to operate in the market with local partners.
Add new comment
Read our comment policy before posting your viewpoints