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Magna will open a joint venture factory in China with BAIC to assembly electric vehicles and expand its contract vehicle engineering and manufacturing services in the world’s largest electric vehicle market.
Magna has signed a framework joint venture agreement with China’s BAIC Group together with the Zhenjiang government to build electric vehicles for BAIC and offer contract manufacturing services to other customers joint venture in China, the world’s largest electric vehicle market. It will be Magna’s first vehicle assembly plant outside Europe and further expand its electric vehicle engineering, development and production capabilities.
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