The BMW-Brilliance joint venture will invest about 3 billion euros to expand its plant structure, raising annual manufacturing capacity to more than 650,000 vehicles from the early 2020s on.
BMW to spend $4.1bn to take control of its China venture
In 2017, the BBA automotive plants in Tiexi and Dadong produced nearly 400,000 vehicles.
The Chinese government has issued a new energy vehicle mandate which uses a system of credits to push automakers to increase the share of battery-only and hybrid cars in their sales mix.
Independent auto industry analyst James Chao stated that given the trade dispute between two of the world's largest economies, there is a powerful incentive for car companies to produce vehicles in the market where they sell them.
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Brilliance Auto said in a filing to the stock exchange on Thursday evening that it had agreed to the deal in which BMW will spend €3.6 billion to acquire a 25 per cent stake in BMW Brilliance Automotive (BBA) from Shenyang Jinbei Auto, a wholly owned subsidiary of Brilliance Auto.
BMW is the first foreign firm to apply for a majority stake in its JV with a Chinese partner since the ownership restrictions in the vehicle sector were said to be scrapped in April. The deal will close in 2022 when rules capping foreign ownership are lifted.
"We are consistently following our growth strategy for China". Previous year it turned out nearly 400,000 vehicles at two plants in the northeastern city Shenyang, which owns the remaining 9.5 percent of equity.
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The deal, first reported by Bloomberg News in July, has been a drag on the shares of Brilliance China.
The move is likely to spur BMW to shift more production to China, helping boost profits amid a worsening trade war between Washington and Beijing that has raised the cost of BMW importing cars manufactured at its SC plant. Among discussions were opportunities to open up China more to foreign investment.
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