Recently, bmw group officials announced that it will continue to increase investment in China, bmw group and the joint venture in China BMW Brilliance Automotive Co., Ltd. (hereinafter referred to as "BMW Brilliance") the new joint venture contract officially came into effect, the joint venture cooperation period was extended to 2040. According to the new joint venture contract, from February 11, 2022, the BMW Group's stake in BMW Brilliance will be changed to 75%, and the remaining 25% of the shares will be indirectly held by its partner Brilliance China Automotive Holding Co., Ltd.
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 full 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.
Chiptzer, Chairman of the BMW Group, said: "Today marks an important step for the BMW Group to invest in China, and we will continue to strengthen our long-term commitment to the Chinese market and continue our 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 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 RMB 73 billion in the region, and the BMW brand has become the leading high-end car brand in China with the full support of BMW Brilliance. The new joint venture contract has created favorable conditions for future-oriented and coordinated development. ”
"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. ”
BMW Brilliance has maintained steady growth since its establishment in 2003, which has strongly promoted the development of the local economy and actively supported 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 alone. Last year, BMW Brilliance's total domestic procurement totaled nearly 33 billion yuan.
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