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BMW to Take Majority Stake in China JV
BMW AG plans to increase its stake in its Chinese joint venture with Brilliance Automotive Group Holdings from 50% to as much as 75%, Germany’s Manager Magazin reports.
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BMW AG plans to increase its stake in its Chinese joint venture with Brilliance Automotive Group Holdings from 50% to as much as 75%, Germany’s Manager Magazin reports.
This would make BMW the first foreign company to hold a majority stake in a Chinese carmaking venture. Last month China said it would begin eliminating the 50% cap on foreign ownership for such operations on July 28. BMW and Brilliance declined to comment on the report.
Brilliance currently owns 40.5 % of the BMW Brilliance Automotive (BBA) venture, and 9.5% is held by Shenyang City.
Chinese Prime Minister Li Keqiang and German Chancellor Angela Merkel met with business leaders—including BMW CEO Harald Krueger—earlier this week in Berlin to discuss investment opportunities in China and announce deals that included a 16% increase in BBA capacity and a finalized BMW venture with Great Wall Motor Co. to produce all-electric Mini small cars in China.
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