Oct 11, 2018
BMW to spend $4.1bn to take control of its China venture
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. Currently, foreign firms that want to make cars in China must have a joint venture with a local firm, but they are not permitted to own more than a 50% stake in that firm. "The total yearly production capacity of the BMW Brilliance Automotive plants [in China] will be gradually increased to more than 650,000 units in total from the early 2020s," BMW's chairman Harald Krüger said in a speech on Wednesday in China. In February, BMW said it would build electric-powered Mini cars in China with another firm, Great Wall Motor. Brilliance China Automotive Holdings are the whole owners of BMW Brilliance Automotive.
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