Chinese automaker Great Wall Motors announced Friday it had signed a letter of intent with German auto giant BMW to produce electric models of its Mini cars in China.

The Chinese carmaker made the remarks in a statement released on the official website of the Hong Kong Stock Exchange.

According to the statement, the two automakers are in advanced discussions aimed at a new joint venture in China, the world's biggest new energy auto market.

BMW and Great Wall have yet to agree on important details like where to build a factory and how much to invest.

Industry analysts said the project would be a boost for the two automakers to expand their new energy vehicles market.

Headquartered in the northern Chinese city of Baoding, Great Wall is China's biggest SUV maker, selling more than 1 million vehicles annually.

Mini sold 35,000 from a total of 372,000 cars in China last year.

In 2017, sales of new energy vehicles in China rose 53.5 percent to 777,000, according to the China Association of Automobile Manufacturers. 

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