FRANKFURT (Reuters) - German companies signed a series of agreements with Chinese partners during a visit by Chinese Prime Minister Li Keqiang to Germany on Monday and Tuesday.
FILE PHOTO: The BMW logo is seen on a vehicle at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 29, 2018. REUTERS/Shannon Stapleton
Following are details of them:
BASF signed a Memorandum of Understanding (MoU) with China’s Guangdong Province to look at building a highly integrated chemical production site there, BASF said.
The site would be BASF’s largest investment and would be operated under its sole responsibility, it said. The investment is estimated to reach up to $10 billion by completion of the project around 2030, it added.
BMW and joint venture partner Brilliance Automotive Group Holdings (1114.HK) affirmed plans to expand production capacity at BMW Brilliance Automotive’s two sites in China to a total of 520,000 BMW brand vehicles in 2019.
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The two companies also agreed that the all-electric BMW iX3 would be exported from China to other markets.
BMW agreed to source 4 billion euros’ ($4.7 billion) worth of battery cells from Contemporary Amperex Technology Ltd (300750.SZ) (CATL) over the next few years, including from a new plant in Erfurt, eastern Germany, that CATL is building.
BMW also signed an MoU with Baidu (BIDU.O) to join its autonomous driving platform Apollo as a board member.
BMW and China’s Great Wall Motor (601633.SS) signed an agreement to set up a joint venture for their planned production of Mini brand electric vehicles in China.
Qingdao TGOOD Electric Co Ltd (300001.SZ) said its unit had won a bid for a BMW NEV dealer charging enabling project.
Bosch and Chinese electric vehicle startup NIO agreed to cooperate on sensor technology, automated driving, electric motor controls and intelligent transport systems.