Monday, 10 December, 2018

BMW raises stake in main China JV with $4.2 billion deal

Li Keqiang Harald Kruger BMW ramps up investment in China to meet electric demand
Jean Garcia | 13 October, 2018, 17:54

Brilliance China Automotive Holding Ltd sank by a record as shares traded for the first time since BMW AG secured control of their joint venture.

BMW also announced it plans to invest €3 Billion in the project, further expanding its production plants in China.

China is in the process of relaxing its foreign ownership rules, with the joint venture requirement for auto producers due to be phased out in 2022.

The deal also marks a milestone for foreign carmakers which have been capped at owning 50 per cent of any China venture and have had to share profits with their local partner.

The rule changes have already helped Tesla Inc gain Beijing's approval for a wholly-owned manufacturing and sales company in Shanghai, the first time a foreign carmaker will be able to establish a full presence in China without a partner. In 2017, the famed German brand formed another joint venture with Great Wall Auto to produce electric BMW Mini vehicles.

"Given the trade dispute between the US and China, there is a powerful incentive for automakers to produce vehicles in the market where they sell them", said independent auto industry analyst James Chao.

MLB Postseason Roundup: Brewers advance, Braves force Game 4
Orlando Arcia and Keon Broxton hit back-to-back homers in the ninth off Wade Davis to make it 6-0 and end any sort of drama. Starting pitching had been an issue for the Brewers all season, but the Rockies were unable to score a single run off them.

BMW has been hit particularly hard by the US-China trade war with many of its SUVs imported from the US facing new 25 percent taxes, while cars imported from other countries have benefited from China's tariff cut for vehicles from 25 percent to 15 percent.

Brilliance Auto, a state-owned vehicle company headquartered in Shenyang, briefly dropped 30 per cent to HK$7.51 on Friday morning before recovering slightly to close 27 per cent lower at HK¥7.90.

In August, BMW posted a 6 per cent drop in its second-quarter, pre-tax profit, attributing it to a sales slowdown in the Chinese market, as consumers postponed vehicle purchases on the back of higher tariffs. China auto sales dropped in July and August.

German automaker BMW has increased its investment in the Chinese joint venture BMW Brilliance, The Paper reported.

BMW finance chief Nicolas Peter, however, said the firm remained bullish about its top market.

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