On February 11, the BMW Group announced that its new joint venture contract with BMW Brilliance in China came into effect, and the validity period of the joint venture between the two parties was extended to 2040. Under the new joint venture contract, from 11 February 2022, the BMW Group's stake in BMW Brilliance will be changed to 75%. Next, the BMW Group will continue to strengthen its "home in China" commitment, further expand its plant in China, and introduce more new models.
Chiptse, Chairman of the BMW Group, said: "February 11 marks an important step for the BMW Group to invest in China, and will continue to strengthen its long-term commitment to the Chinese market and continue its business development in the future. The extension of the new joint venture contract will lay the foundation for the success of BMW's sustainable business in China, while also contributing to the development and prosperity of local and other interested parties in Liaoning. ”
Dr Peter, Director of Finance at the BMW Group, said: "Over the past decade or so, BMW Brilliance has invested more than RMB 73 billion in the region. It should be pointed out that in terms of taxation, BMW Brilliance alone paid 38 billion yuan in taxes in 2020, accounting for more than half of Shenyang's total tax revenue (60.11 billion yuan).
Gao Le, President and CEO of BMW Group Greater China, said: "This new joint venture contract and the approval of BMW's investment project in Liaoning are the latest examples of the opening up of the automotive industry. The BMW Group will continue to take China as its home, walk with its chinese counterparts, and continue to invest in the future to make long-term contributions to China's economic growth and social development. ”
It is understood that the BMW Brilliance plant in Shenyang's Dadong District is currently undergoing a comprehensive expansion, and a new factory in Tiexi District is also under construction. This year, the group will launch a domestic X5 long-wheelbase version model in China, and the new car has been declared and is expected to open reservations in March this year.
In addition to the BMW X5, in 2022, the BMW Group will also launch 26 new cars in the Chinese market, including the new 7 Series, i4, domestic i3, new i7, mid-term redesign X7, mid-term redesign 8 series, and M240i, X3 M40i, X4 M40i, i4 M50 and other models under the M Performance series. In addition, BMW MINI will launch a localized model produced in Shenyang in the future. (Image source network)