Photo: BMW
Monday evening, the BMW Group AG announced that it inked an agreement with their Chinese partner, Brilliance Auto (or better known as Brilliance China Automotive Holdings Ltd) that will bring €100 Million ($129 Million) to the world's biggest market.
The deal was signed in the presence of German Chancellor Angela Merkel and Chinese Premier Li Kequiang during the latter's official three-day visit in Germany, according to a BMW spokesperson for Kuwait News Agency.
This move is hardly a surprise as the Chinese market is continuously growing and will become the BMW's primary target in the years to come. The funds will be used for a new manufacturing factory along with a center for economic research in China.
Since 2003, when the BMW-Brilliance joint venture started, the Bavarian company registered a big climb in sales and was allowed to run BMW factories in China, drastically reducing the production costs.
Via: Gasgoo.com
This move is hardly a surprise as the Chinese market is continuously growing and will become the BMW's primary target in the years to come. The funds will be used for a new manufacturing factory along with a center for economic research in China.
Since 2003, when the BMW-Brilliance joint venture started, the Bavarian company registered a big climb in sales and was allowed to run BMW factories in China, drastically reducing the production costs.
Via: Gasgoo.com
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