Categories
BMW Canada

Milestone in a enlargement of BMW Brilliance Automotive: CBA General Meeting approves interest sale

Munich. The long-term enlargement of a BMW Brilliance
Automotive Ltd. (BBA) Joint Venture has achieved a significant
milestone: On Friday, a Special General Meeting of Brilliance China
Automotive Holdings Ltd. (CBA) in Hongkong authorized a sale of a
25 percent shareholding in BBA to a BMW Group. Around 63 percent of
a represented shareholders voted in preference of this step.

 

As announced in Oct on a 15th anniversary of BBA,
a BMW Group intends to boost a interest in BBA from 50 percent to
75 percent and both partners sealed a analogous agreement. As part
of a agreement a contractual tenure of a corner venture, which
would now end in 2028, is to be extended to 2040. The
transaction stays theme to a capitulation of a relevant
authorities. The understanding is scheduled to tighten in 2022 during a latest when
a corner try requirement for automobile prolongation in China will be lifted.

 

It is a BMW Group’s idea to serve strengthen a long-term
team-work with CBA, boost prolongation ability in Shenyang and
continue to enhance a localisation of additional models including new
appetite vehicles (NEVs). Therefore, an investment of some-more than three
billion euros in new and existent plant structures in Shenyang over
a entrance years was announced in October: In Tiexi, a site’s
ability will double. With a rarely stretchable prolongation system, the
new plant in Tiexi will be means to build vehicles with entirely electric,
partially electric and required drivetrains on a singular production
line. Further endless remodelling and enlargement measures will also
be carried out during a beside plant in Dadong. Its structure will
be stretched to accommodate destiny BMW indication variants and a expected
boost in patron demand. As a result, from a early 2020s the
sum annual prolongation ability of BMW automobiles during a BBA plants
will gradually boost to 650,000 units, formulating 5,000 new jobs.

 

If we have any queries, greatfully contact:

 

Corporate Communications

 

Max-Morten Borgmann, Corporate Communications

[email protected],
Telephone: +49 89 382-24118

 

Mathias Schmidt, Head of Corporate and Culture Communications

[email protected],
Telephone: +49 89 382-24544

 

Media website: www.press.bmwgroup.com

Email: [email protected]

 

 

The BMW Group

 

With a 4 brands BMW, MINI, Rolls-Royce and BMW Motorrad, a BMW
Group is a world’s heading reward manufacturer of automobiles and
motorcycles and also provides reward financial and mobility services.
The BMW Group prolongation network comprises 30 prolongation and assembly
comforts in 14 countries; a association has a tellurian sales network in
some-more than 140 countries.

In 2018, a BMW Group sole over 2,490,000 newcomer vehicles and
some-more than 165,000 motorcycles worldwide. The distinction before taxation in the
financial year 2017 was € 10.655 billion on revenues amounting to
€ 98.678 billion. As of 31 Dec 2017, a BMW Group had a
workforce of 129,932 employees.

The success of a BMW Group has always been formed on long-term
meditative and obliged action. The association has therefore established
ecological and amicable sustainability via a value chain,
extensive product shortcoming and a transparent joining to
conserving resources as an constituent partial of a strategy.

 

www.bmwgroup.com

Facebook: http://www.facebook.com/BMWGroup

Twitter: http://twitter.com/BMWGroup

YouTube: http://www.youtube.com/BMWGroupView

Instagram: https://www.instagram.com/bmwgroup

LinkedIn: https://www.linkedin.com/company/bmw