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Home » News » BMW Extends Contract with Brilliance Automotive to 2040, Invests €3 Billion. .css-14iz86j-BoldText{font-weight:bold;}Carmaking giant BMW wants to take control of its joint venture in China and is set to pump billions more into its production capacity in the country. Germany's BMW will pay 3.6 billion euros ($4.2 billion) to take control of its main joint venture in China, the first such move by a global carmaker as … “Number one reason why we invest in China is because we are absolutely convinced the market has a further growth potential,” Peter said in an interview at the Shenyang event. That is when the 50:50 joint venture … Learn how your comment data is processed. | 4500 km Review, Here's how the BMW iX3 is made at the Shenyang Plant, The new 2021 BMW M4 gets delivered by helicopter in Monaco, 2021 BMW 4 SERIES CONVERTIBLE - Exterior, Interior, Driving and Release Date, 2021 BMW M3 Competition (G80) live from BMW Welt, 2021 BMW M4 Coupe - Design Review, Engine and Exhaust Sound, 2021 BMW M3 G80 – It's More Than Just The Grille, EXCLUSIVE: NEW BMW M3 Competition with M Performance Parts, MINI COOPER SE – City Test Drive and Review, SPOTTED: 2021 BMW 4 Series (M440i) shows its large kidney grille, 2021 Rolls-Royce Ghost - A V12 Luxury Powerhouse.

Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said: “Others will follow over time, but the divorce schedule depends on how strong or capable the local partner is.”. BMW finance chief Nicolas Peter, however, said the firm remained bullish about its top market. Production capacity there will remain the same, but the structure of the plant will gradually be expanded for future BMW model variants and the expected market growth. Cars made under than partnership are aimed at the Chinese market. Video, 'I love you so much': Reunited after 215 days apart, Covid: No safety concerns found with Oxford vaccine trial after Brazil death, France teacher attack: Students 'paid €300' to identify Samuel Paty, Coronavirus: Spain passes one million Covid-19 cases, Pope Francis indicates support for same-sex civil unions, End Sars protests: People 'shot dead' in Lagos, Nigeria, Breonna Taylor: Officer in shooting says it 'was not a race thing', The Countdown: Avengers stars quiz Kamala Harris and what to wear to vote, Alexandria Ocasio-Cortez Among Us game watched by 400,000, Purdue Pharma to plead guilty in $8bn opioid settlement, France teacher attack: Macron hails murdered ‘quiet hero’, That is when the 50:50 joint venture requirement for car manufacturing in China ends, BMW to shut Mini plant for month post-Brexit, Car investment slumps on 'Brexit worries', BMW said it would build electric-powered Mini cars in China with another firm, Great Wall Motor. Evercore ISI analyst Arndt Ellinghorst called the deal a major breakthrough. winning approval in July to build China's first wholly foreign-owned chemicals complex. Brilliance Chairman Qi Yumin lauded the venture’s past success and said the future offered further opportunities, in comments posted on the firm’s WeChat account. Persuading an undecided voter, Iceland PM keeps cool as earthquake strikes. Toyota says no-deal Brexit would affect investment, Biden or Trump?

SHENYANG, China (Reuters) - Germany's BMW BMWG.DE will pay 3.6 billion euros ($4.2 billion) to take control of its main joint venture in China, the first such move by a global carmaker as Beijing starts to relax ownership rules for the world's biggest auto market. As it happened: Early votes in US election 'already top 40m', The Countdown: Avengers stars quiz Kamala, Biden or Trump? The partnership saw BMW though some tough times and some good ones, the two companies announcing today that they will expand their joint venture until 2040, a new deal being signed between the two parties for the upcoming 22 years. The rule changes have already helped Tesla Inc TSLA.O gain Beijing's approval for a wholly-owned manufacturing and sales company in Shanghai, the first time a foreign carmaker will be able to establish a full presence in China without a partner.

“We are now embarking on a new era,” BMW Chief Executive Harald Krueger said in a speech in Shenyang, northeast China, where the joint venture is based. The luxury carmaker said on Thursday it would increase its stake in its venture with Brilliance China Automotive Holdings Ltd. to 75 percent from 50 percent, with the deal closing in 2022 when rules capping foreign ownership for all auto ventures are lifted. Video'I love you so much': Reunited after 215 days apart, US congresswoman becomes top Twitch game streamer, Mud-brick palace in Yemen 'at risk of collapse', .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Covid: No safety concerns found with Oxford vaccine trial after Brazil death.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, France teacher attack: Students 'paid €300' to identify Samuel Paty2, Coronavirus: Spain passes one million Covid-19 cases3, Pope Francis indicates support for same-sex civil unions4, End Sars protests: People 'shot dead' in Lagos, Nigeria5, Breonna Taylor: Officer in shooting says it 'was not a race thing'6, The Countdown: Avengers stars quiz Kamala Harris and what to wear to vote7, Alexandria Ocasio-Cortez Among Us game watched by 400,0008, Purdue Pharma to plead guilty in $8bn opioid settlement9, France teacher attack: Macron hails murdered ‘quiet hero’10.

SHENYANG, China (Reuters) - Germany's BMW.

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With this buy BMW would own 75% of the BMW Brilliance Auto joint venture. This site uses Akismet to reduce spam. Required fields are marked *. This week BMW celebrated 15 years since it started a joint venture in China with Brilliance Automotive.

It has also restricted big global brands from gaining full access to the world's biggest car market.

Daimler’s Chief Executive Dieter Zetsche told Reuters last week that recent signals from the Chinese authorities were encouraging, but the German carmaker did not yet have legal permission to make a move. With continuous investment, as well as the development and production of electric vehicles, we underline China’s importance as a dynamic growth market for us,” said Harald Krüger, Chairman of the Board of Management of BMW AG.

But BMW Brilliance is not just a car company.

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