The BMW Group automobile company on Thursday praised the successful development of its business partnership with China marking the 15th anniversary of the joint venture BMW Brilliance Automotive (BBA).
MOSCOW (Pakistan Point News / Sputnik - 11th October, 2018) The BMW Group automobile company on Thursday praised the successful development of its business partnership with China marking the 15th anniversary of the joint venture BMW Brilliance Automotive (BBA).
"The BMW Group sets the course for the next chapter of its successful business development in China. With a long-term contract extension for the joint venture BMW Brilliance Automotive (BBA) [until 2040] and extensive investments for further expansion of the production capacity, the company plans to drive dynamic growth in the world's largest automobile market," the German multinational firm said in a press release.
Namely, the BMW Group intends to increase its stake in BBA from 50 percent to 75 percent and the sides have signed a corresponding agreement earlier in the day, the company noted.
BBA will also invest over 3 billion Euros (more than $3.4 billion) in new and existing plant structures in the Chinese city of Shenyang in coming years, according to the press release.
BBA is an automobile manufacturing company headquartered in Shenyang. It is a joint venture of BMW and the Chinese automobile manufacturer Brilliance Auto Group.
