Caixin
Oct 11, 2018 07:31 PM
BUSINESS & TECH

BMW Becomes First Foreign Carmaker to Take Control of China Joint Venture

Brilliance BMW cars are displayed at the Shanghai Pudong International Automobile Exhibition in Shanghai on Sept. 28. Photo: VCG
Brilliance BMW cars are displayed at the Shanghai Pudong International Automobile Exhibition in Shanghai on Sept. 28. Photo: VCG

* Media reports put the value of the additional stake at $4.1 billion

* BMW says its joint venture with Brilliance will be extended to 2040 from its current expiration of 2028

(Beijing) — BMW AG has agreed to raise its stake in its Chinese joint venture to 75% from the current 50%, making the automaker the first beneficiary of Beijing’s policy to ease foreign-ownership limits in the industry.

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