GERMAN automaker BMW said increasing its stake in China's Brilliance China Automotive Holdings will boost profits by up to EUR8 billion (US$9
GERMAN automaker BMW said increasing its stake in China's Brilliance China Automotive Holdings will boost profits by up to EUR8 billion (US$9.1 billion), reports Bloomberg. Chinese authorities gave BMW permission to raise its stake in the business to 75 per cent from 50 per cent, said BMW. The move will lead to a positive one-time effect of EUR7 billion to EUR8 billion for BMW's main automotive segment.
BMW is one of the first western automakers to benefit from the relaxing of China's foreign ownership rules - a watershed moment for the industry. China is BMW's biggest national market, accounting for about a third of global deliveries last year.
The venture assembles BMW-branded models for sale locally and the all-electric iX3 sport utility vehicle for export to global markets.
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