Shanghai (ZXZC)- On Apr. 8, in the presence of both Chinese and Austrian governmental leaders, BAIC Group and Magna signed a strategic cooperation agreement, saying both parties will make a commitment to developing new-gen intelligent pure electric vehicle models.

This is the first cooperation project between Magna and BAIC Group in electric vehicle area. The move also indicated that Magna achieved great progress for its strategy in China. Guenther Apfalter, president of Magna International Europe AG stated that it is great honor for Magna to jointly develop new-gen advanced and intelligent pure electric vehicle models with BAIC Group.

Xu Heyi, chairman of BAIC Group addressed at the signing ceremony that NEV is one of BIAC Group's core businesses. The strategic cooperation between BAIC Group and Magna in developing new-gen intelligent pure electric vehicle models will help boost the development of both Chinese and the world's NEV industry.