BMW Group underlines its long-term commitment in China: from 11 February 2022, the contract extension takes effect joint venture for BMW Brilliance Automotive Ltd. until 2040. The agreement on the extension of the contract is; was signed by the two partners of the joint venture in October 2018, on the occasion of the 15th & deg; anniversary of BMW Brilliance Automotive Ltd. BMW focuses strongly on the Chinese market, the underbelly from which & egrave; the BMW iX3 was also produced but also the X3 with internal combustion engine.
& ldquo; Today marks an important step, since & eacute; we continue to expand our long and fruitful commitment to China. We firmly believe that our continued success in the pi & ugrave; The world's largest automotive market can only go hand in hand with the growth and further development of our joint venture BMW Brilliance Automotive Ltd. The joint venture agreement is; been extended until 2040 and sets the stage for sustainable and lasting business success, creating growth and prosperity; in Liaoning Province and beyond, “said Oliver Zipse , Chairman of the Board of Directors of BMW AG.
With the issuance of the new & quot; business license & quot ;, also the increase of the BMW Group's stake in BMW Brilliance Automotive Ltd. becomes effective, as agreed by both joint venture partners in 2018. The BMW Group now holds 75% of the shares in BMW Brilliance Automotive Ltd., while its Chinese partner, Brilliance China Automotive Holdings Ltd. (CBA), indirectly holds the remaining 25%. Last year, a total of 846,237 BMW Group vehicles were delivered to customers in the Chinese market (+ 8.9% compared to 2020). In 2021, BMW Brilliance Automotive Ltd. produced more; of 700,000 BMW vehicles, with around 23,000 employees.
In response to the strong asks, BMW Brilliance Automotive Ltd. is also increasing the capacity this year. production in Shenyang : the BMW Brilliance Automotive Ltd. plant in the Dadong district & egrave; currently undergoing expansion, while & egrave; a completely new factory is also under construction in the Tiexi district. The BMW Group will use the capacity to locally produce models for the Chinese market . It will be also used to produce further fully electric models in China.
“The extraordinary success story of BMW Brilliance Automotive Ltd. testifies to the proven partnership within the joint venture and with the provincial government of Liaoning,” said Nicolas Peter , member of the board of management of BMW AG in charge of finance.
& ldquo; Our local investments are proving to be the right approach. BMW Brilliance Automotive Ltd. has made a significant contribution to positioning the BMW brand as a leading premium brand in China. In the last decade alone, BMW Brilliance Automotive Ltd. has invested more. of 10 billion euros in the country. Our extended joint venture agreement sets the stage for further mutual growth and progressive development in the future. This opens the way for a balanced development in the three main regions of the world, as we have done in the past. & Quot ;.
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