FRANKFURT, Germany | BMW ramps up investment in China to meet electric demand

11Oct - by Editor - 0 - In STL.News



FRANKFURT, Germany — German automaker BMW says it is taking a majority stake in its China joint venture and investing 3 billion euros ($3.5 billion) in production there as it prepares to meet increased demand for electric vehicles.

Munich-based BMW said Thursday it would pay 3.6 billion euros ($4.2 billion) to raise its stake in BMW Brilliance Automotive Ltd. to 75 percent from 50 percent.

The deal is subject to approval by regulatory authorities and shareholders of Chinese partner Brilliance China Automotive Holdings Ltd.

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