Magna, BAIC Group and the Zhenjiang government celebrated the signing of a framework agreement governing their electric vehicle manufacturing joint venture in Zhenjiang, China, which marks another milestone of their continued cooperation.
The transaction, which is pending regulatory approval and other closing conditions, is expected to close in the fourth quarter of 2019.
The joint venture, which is to be controlled by an affiliate of the BAIC Group, is Magna’s first investment in a complete vehicle manufacturing facility outside Europe.
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