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BMW pays 3.6 billion euros to take control of joint venture in China

Europe
11.10.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Shenyang (dpa) - Germany‘s BMW and Chinese local carmaker Brilliance on Thursday signed a billion-dollar deal giving the Munich-based carmaker a 75-per-cent stake in their joint venture.

BMW paid 3.6 billion euros (4 billion dollars) to take control of the business, as well as agreeing to invest a further 3 billion euros over the next three years, BMW said. The company is also opening a new factory in the north-eastern district of Tiexi, which will double the production plant‘s capacity.

"We are rigorously implementing our growth strategy for China," BMW head Harald Krueger said. "By continuing to invest in the company, and in the development and production of electric vehicles, we are underlining China‘s importance to us as a dynamic growth market."

BMW and Brilliance created their joint venture in 2003. Until now, BMW had a 50-per-cent-stake in the business, whilst Brilliance owned 40.5 per cent with the remaining 9.5 per cent belonging to the city of Shenyang.

BMW wants the Chinese plant to focus more building electric cars, which China‘s government supports, as the demand for e-cars in the country steadily increases.

"Our highly flexible production system can react to the market demand, which means we will be able to increase our production of electric cars to 100 per cent [of all cars]," production executive Oliver Zipse said.

The deal also decreases China‘s dependence on the US for car imports. Last year, 81,000 BMW cars were imported to China from its production plant in North Carolina. Due to the 40 per cent tariffs implemented by the US Trump administration, BMW was forced to increase prices.

 

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