BMW raises stake in main China JV with $4.2 billion deal
BMW raises stake in main China JV with $4.2 billion deal
BMW ramps up investment in China to meet electric demand
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 BMWBrilliance, The Paper reported.
BMW finance chief Nicolas Peter, however, said the firm remained bullish about its top market.
A group of Palestinian terrorists set off a bomb on the Israel-Gaza Strip border on Friday and attacked a nearby IDF position. They also seek the right to return to lands that Palestinians fled or were driven from upon Israel's founding in 1948.
The 31-year-old Serb saved a set point against Anderson in an intense opener, before taking control in the tiebreak. Yet he made an aggressive start against Nishikori to take a 4-1 lead in the opening set.
Earlier this year, Facebook came under fire for sharing heaps of data for over 87 million users with Cambridge Analytica. Access tokens work as digital keys, letting those who hold them log into Facebook accounts without entering a password.
It was the first such incident in Russia's post-Soviet history - an unprecedented setback for the country's space industry. Kenny Todd, a space station manager, said from Houston that the space station crew can stay on board until January.
Instead of the primary red and webbed design, most of the gloves are all black, with only the fingers having the webbed design. The argument could also be made that it adheres more closely to Spider-Man's appearance in Amazing Fantasy #15 back in 1962.
The eminent physicist Stephen Hawking , who past away previous year , was one of the world's foremost authorities on black holes . Now, the modern genius' final scientific paper has been completed and posted online by his colleagues for the world to revel in.
The share of gas-fired power in air pollution will need to be cut to eight percent and coal to less than two percent. The world may only have 12 years left to act on climate change before a global catastrophe breaks out.
For those not packing a weighty novel (or two), there will be 1,200 hours of audio-visual entertainment to choose from. Singapore previously operated the route using Airbus A340-500 airliners before suspending the service in 2013.
The DUP has been adamant that any Brexit deal cannot differentiate Northern Ireland from the rest of the United Kingdom. For the government to fall there would have to be a subsequent vote of no confidence.
In A First, Healthy Mice Born From Same-sex Parents
This created embryos containing only genomic DNA from the two males, and these embryos were then transferred to surrogate mothers. They produced 29 live mice from 210 embryos, with the animals living to adulthood and having offspring of their own.
Hurricane Michael rips through Florida’s Panhandle
Town Manager David Lambert said he was prepared for Michael, but wasn't expecting much destruction. "It's hard to grasp", he said. Emergency personnel scoured through areas where entire blocks of homes and buildings were flattened, searching for survivors.
A manager who can handle Elon Musk
He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster. James Murdoch , who serves as a director on Tesla's board, is set to end his innings as 21st Century Fox's CEO.
Sports News, Machado, Dodgers finish off Braves
Kurt Suzuki, who was batting for Foltynewicz, contributed a two-out pinch single to drive in Johan Camargo and Tyler Flowers. The Braves held on to win, so there will be a Game 4 with the Dodgers having a two-games-to-one lead.