By Cristina Roca

BMW AG (BMW.XE) said on Friday that it will invest, together with Great Wall Motor Co. (2333.HK), a total of about 650 million euros ($715.4 million) in a joint plant to develop electric vehicles in Zhangjiagang, China.

Providing more details on a 50-50 joint venture between the two car makers signed in 2018, BMW said that the plant will have a standard annual capacity of up to 160,000 vehicles, and that construction of the plant should take place in 2020-2022, the German car maker said.

The Zhangjiagang plant will produce electric versions of models from BMW's MINI brand, as well as of Great Wall Motor models, BMW said.

"This joint venture will enable us to produce a larger number of MINI-brand fully electric vehicles at attractive conditions for the world market," said Nicolas Peter, member of BMW's management board.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

November 29, 2019 02:14 ET (07:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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