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group BMW to spend $4.1bn to take control of its China venture

Carmaking giant BMW wants to take control of its joint venture in China and is set to pump billions more into its production capacity in the country.

The German firm will spend 3.6bn euro ($4.16bn; £3.14bn) to up its stake in Brilliance Automotive from 50% to 75%.

The Mini maker will also invest more than 3bn euros to expand its existing production capacity in China.

The move comes amid China's plans to relax rules for foreign car companies operating in its enormous market.

Currently, foreign firms that want to make cars in China must have a joint venture with a local firm, but they are not permitted to own more than a 50% stake in that firm.

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business Business (Media) 0 Interested 0 reactions · 0 shares · visibility 3575 · · REPORT Posted 12 Days ago · 11 October 2018 08:07 · News and Politics · Published
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