BMW to boost investment in Brilliance Automotive

By Sheetal Sukhija, Albuquerque Express
12 Oct 2018, 23:08 GMT+10

The automaker said that it wants to take control of its joint venture in China
The company is set to pump billions into the production capacity in China
China is planning to relax rules for foreign car companies operating in its market

BEIJING, China - German automaker BMW has decided to increase its investment and take control of its joint venture in China.

The company has announced that it will spend 3.6 billion euros to increase its stake in the venture called Brilliance Automotive.

BMW revealed that it will increase its stake in the company from 50 percent to 75 percent.

Further, the company said that it will also invest a further 3 billion euros to expand its existing production capacity in China.

According to BMW's announcement, the deal with Brilliance Automotive would not close until 2022 and is subject to regulatory and shareholder approval.

BMW's chairman Harald Krüger said in China on Wednesday, "The total yearly production capacity of the BMW Brilliance Automotive (BBA) plants [in China] will be gradually increased to more than 650,000 units in total from the early 2020s."

Krüger added that BBA was the cornerstone of BMW's ongoing success in China - its largest single market.

He added that with the increased investment the German firm wanted to make, it would be able to produce up to 100 percent electric vehicles.

Further, experts have said that the move comes at a time when China's plans to relax rules for foreign car companies operating in its market.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Albuquerque Express.

More Information

48 ℉

Albuquerque

International

Section

Gang arrested after parental abductions sweep Australia

CANBERRA, Australia - A two year investigation by Australian Federal Police has netted a gang of four people involved in parental abductions. ...

Rift between Turkey and Saudi Arabia could unravel

The Oct. 2 disappearance of Saudi Arabian journalist Jamal Khashoggi at his country’s consulate in Istanbul has put a spotlight ...

Bomb explosion at college in Russia-annexed Crimea kills 18

MOSCOW, Russia - A bomb exploded at a college in the Black Sea region of Russian-annexed Crimea on Wednesday, leaving ...

Gunmen shoots scores of students at college in Crimean city

MOSCOW, RUSSIA - Up to nineteen people are dead, many of them students, after a student at a college in ...

Khashoggi family and UNHRC want transparent investigation

GENEVA, Switzerland - The UN Human Rights High Commissioner and the family of missing journalist Jamal Khashoggi have called for ...

In the elusive search for truth

Once again, the pathos of human history repeats itself. Another lot of ruthless strong men once more have their bloodied ...

Business

Section

Movie Review

Germany Year Zero (Germania anno zero) [Blu-Ray]

Featured story

Ireland's Keywords Studios acquires Canada's Snowed In

DUBLIN, Ireland - Following its successful acquisition of Hollywood-based Blindlight, Irish video-gaming company Keywords Studios has now announced its latest accomplishment. Keywords r ...