BMW: wins shareholder approval for China plans

(CercleFinance.com) - Shareholders of China's Brilliance have let BMW increase its stake in their joint venture BMW Brilliance Automotive from 50% to 75%, the German car maker said on Friday.


BMW plans to increase production capacity at the venture's Shenyang factory and to expand the localisation of additional models, including new energy vehicles.

In a bold move, the group will invest over three billion euros in new and existing plant structures in Shenyang over the coming years.

As a result, the total annual production capacity of BMW automobiles at the BMW Brilliance plants will gradually increase to 650,000 units, creating 5,000 new jobs.

As part of the deal, the joint venture - which was set to expire in 2028 - will be extended until 2040.

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