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10/11/2018, 5:59 AM (Source: TeleTrader)
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BMW to increase stake in Brilliance Automotive

BMW announced on Thursday it will extend its joint venture with Brilliance China Automotive Holdings Ltd. with a contract valid until 2040. The German automaker will invest €3.6 billion into the Chinese company, bringing its stake up from 50 to 75%. The two companies also agreed to put over €3 billion into existing and new facilities in order to increase production to 650,000 vehicles at the start of the next decade. According to the statement, the BMW Brilliance Automotive plants made almost 400,000 vehicles in 2017 across six BMW models.

"We are consistently following our growth strategy for China. With continuous investment, as well as the development and production of electric vehicles, we underline China’s importance as a dynamic growth market for us," said Harald Kruger, chairman of BMW's Board of Management.

Breaking the News / DJ