Beijing Auto JV to develop electric vehicles

Chinese automaker Beijing Automotive Industry Holdings (BAIC) has announced a joint venture (JV) with South Korea-based CT&T and SK Holdings to develop and sell electric vehicles (EVs) in China. According to a Bloomberg report, BAIC will establish a dedicated facility for these vehicles in Beijing with a production capacity of 50,000 units per annum (upa) and plans to add 10 more facilities of similar capacity in the months ahead. CT&T confirmed the news in its statement and added that a final agreement will be signed between both parties in June. (April 2, 2010)