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21 01 2019 01

The long-term expansion of the BMW Brilliance Automotive Ltd. (BBA) Joint Venture has achieved a significant milestone: a Special General Meeting of Brilliance China Automotive Holdings Ltd. (CBA) in Hongkong has approved the sale of a 25% shareholding in BBA to the BMW Group. Around 63% of the represented shareholders voted in favor of this step.

As announced in October 2018 on the 15th anniversary of BBA, the BMW Group intends to increase its stake in BBA from 50% to 75%; both partners signed a corresponding agreement. As part of the agreement the contractual term of the joint venture, which would currently expire in 2028, is to be extended to 2040. The transaction remains subject to the approval of the relevant authorities. The deal is scheduled to close in 2022 at the latest when the joint venture requirement for auto manufacturing in China will be lifted.

It is the BMW Group’s goal to further strengthen its long-term cooperation with CBA; increase production capacity in Shenyang; and continue to expand the localization of additional models including new energy vehicles (NEVs). Therefore, an investment of more than €3 billion in new and existing plant structures in Shenyang over the coming years was announced in October: In Tiexi, the site’s capacity will double.

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