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Magna announced its intention to form two new joint ventures with Beijing Electric Vehicle Co. Ltd (BJEV) for complete vehicle manufacturing and engineering of electric vehicles. The joint ventures will take over an existing BAIC manufacturing facility in Zhenjiang, Jiangsu Province, with capacity to build up to 180,000 vehicles per year, with first production planned for 2020.
Beijing Electric Vehicle Co., Ltd. entered into an agreement to acquire Chengdu Qian Feng Electronics Co., Ltd. in a reverse merger transaction. Chengdu Qian Feng will issue 761.09 million shares as consideration.