BMW says developing joint venture with China's Brilliance

Shutterstock photo

FRANKFURT, July 12 (Reuters) - German carmaker BMW said it was developing its joint venture with China's Brilliance but did not confirm reports it would raise its stake in BMW Brilliance Automotive (BBA).

"We cannot comment in detail on the state of our ongoing discussions with our partner Brilliance at this point in time," BMW said in an e-mailed statement on Thursday.

German business magazine Manager Magazin said BMW was to increase its stake in BBA to at least 75 percent from 50 percent. Bloomberg News reported a new ownership structure was to be unveiled soon, citing a person familiar with the plan.

Foreign ownership limits for passenger car manufacturing will be removed by 2022.

Manager Magazin said BMW Chief Executive Harald Krueger and Brilliance Chairman Yumin Qi had agreed on the stake hike by BMW during a visit by Premier Li Keqiang to Germany this week.

BMW had announced on Monday and Tuesday a raft of agreements with Chinese partners, including a production capacity increase at BBA, but had not mentioned any plans to increase its holding in the venture.

This article appears in: Stocks , World Markets , Economy

More from Reuters


See Reuters News

Research Brokers before you trade

Want to trade FX?