Chinese automaker BAIC partners with international provider of engineering and consulting services MBtech (GroupGmbH&Co. KgaA) to build a world-class vehicle technology center in China.
The joint venture between the two companies was formally announced during a signing ceremony held at BAIC's headquarters in China. It was attended by BAIC Group Chairman Xu Heyi along with high-level German executives from Daimler, majority shareholder of MBtech, representatives of BAIC MBtech's Chinese and foreign partners, among others.
The establishment of BAIC MBtech partnership is the first joint venture technology center of its kind in China which is dedicated to providing vehicle R&D services to Chinese automotive brands. With this, Xu Heyi said that BAIC is now ready to become a leading international innovative automaker and the partnership with MBtech will further boost the brand's R&D program.
“The strategic cooperation between the two sides will further boost the BAIC brand’s ability to research development of passenger vehicle and core auto parts. The strong alliance will ensure win-win, mutual benefit and coordinated development for the two sides in the years to come,” said Xu Heyi.
According to the agreement, BAIC will have 51-percent stake in the joint venture while MBtech will hold 49-percent. Headquartered in Beijing and an office in Stuttgart, BAIC MBtech will have business operations in the fields of automotive engineering, manufacturing engineering and forward-looking technology research and application.
The BAIC MBtech will be officially put into operation in June this year.