China Economic Network, February 14 (Reporter Guo Yue) A few days ago, BMW Group announced that from February 11, 2022, the new joint venture contract of BMW Brilliance Automotive Co., Ltd., a joint venture of BMW Group in China, officially came into effect. As a result, the BMW Group's shares in BMW Brilliance were officially changed to 75%, brilliance China Automotive Holdings Co., Ltd. indirectly held the remaining 25% of the shares, and the cooperation between the two parties was extended to 2040.
Chiptzer, Chairman of the BMW Group, said: "This marks an important step for the BMW Group to invest in China, and BMW will continue to strengthen its long-term commitment to the Chinese market and continue its business development. We have always believed that the success of the BMW Group in China is inseparable from the growth of the joint venture BMW Brilliance. The new joint venture contract has been extended until 2040, which will lay a solid foundation for BMW's sustainable business success 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: "BMW Brilliance's success stems from the sincere cooperation of all parties involved in the partnership and the strong support of the Liaoning Provincial Government. Over the past decade, BMW Brilliance has invested more than 73 billion yuan in the local area, and the BMW brand has become one of the top high-end car brands in China with the full support of BMW Brilliance. The new joint venture contract has created favorable conditions for future-oriented and coordinated development. ”
Focusing on BMW Brilliance, it has maintained steady growth since its establishment in 2003, effectively promoting the development of the local economy and actively supporting the local government to build an advanced automobile manufacturing industry cluster. BMW Brilliance has been the largest taxpayer in Shenyang for 15 consecutive years, paying 38 billion yuan in taxes in 2020. Last year, BMW Brilliance's total domestic procurement totaled nearly 33 billion yuan.
At the same time, as a concrete measure of BMW's continued investment in China, BMW Brilliance will usher in another capacity increase this year: the existing plant in Shenyang's Dadong District is currently undergoing a comprehensive expansion, and a new plant in Tiexi District is also under construction. Thanks to this, the BMW Group's production capacity in China will be expanded, the variety of locally produced models will be further increased, and more pure electric models will be introduced for domestic production.
"We are very grateful to the Chinese governments at all levels for their strong support for BMW's development in China. The new joint venture contract extended to 2040 and the approval of the related BMW investment project in Liaoning are the latest examples of China's expansion of high-level opening up, especially in the automotive industry. Gao Le, President and CEO of the BMW Group Greater China, said, "In the process of the BMW Group's transformation to electrification, digitalization and sustainable development, China, as a leader in these aspects, is our best choice and best partner. The BMW Group will continue to take China as its home, its counterparts with China, and its joint venture partners will continue to invest in the future to make long-term contributions to China's economic growth and social development. ”
![The bmw group's new contract with BMW Brilliance is extended to 2040[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)