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Brilliance China Shares Plunge 30%
Shares in Brilliance China Automotive Holdings Co. plummeted 30% in early trading today after BMW AG revealed plans to boost its 50% ownership in a joint venture with the Chinese company.
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Shares in Brilliance China Automotive Holdings Co. plummeted 30% in early trading today after BMW AG revealed plans to boost its 50% ownership in a joint venture with the Chinese company.
BMW announced yesterday it will extend its venture with Brilliance to 2040 but also spend €3.6 billion ($4.2 billion) to expand its stake in the company to 75% by 2022.
The investment will give BMW more control over the venture’s business decisions and improve the German company’s overall margins. Analysts note that Brilliance, whose own automotive brands have not performed well, derives its profits from the success of the BMW venture.
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