"But producing electric cars will help BMW to meet its quota now that China demands every carmaker in the country. produce a certain number of such cars starting from 2019".
The BMW Group is said to be hammering out a deal with Great Wall Motors to build cars from its upmarket compact brand for export, according to sources familiar to the plan.
Great Wall, the parent company of Haval, is the biggest SUV maker in China, while BMW is becoming increasingly spooked by the state of Britain's Brexit negotiations and is desperate to broaden the brand's manufacturing base outside the European island.
BMW is now considering another joint venture in China so that it can increase its production volumes and strengthen its electric vehicle presence in the market.
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Association with Great Wall would see increase in both BMW's production volume and its EV share in one of the largest automobile industry in the world. That strategy helped propel the company to a 26 percent sales surge previous year.
"Our business development with the joint venture BMW Brilliance Automotive will continue as planned, and we will carry on to invest and develop our joint venture." a spokesman for BMW said, declining to comment on any new joint venture.
A Great Wall official declined to comment.
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The firm's shares soared as much as 19.2 percent to their highest level in over two years, before paring some gains to stand up 14 percent in afternoon trade.
Great Wall's Shanghai-listed shares have been suspended since late last month.
Patrick Yuan, an analyst at Jefferies Hong Kong, said it is understandable that BMW needs a new partner to defend its market share in a more competitive market.
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