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Bayerische Motorenwerke AG and Brillance China Automotive Holdings Ltd signed a new agreement in Beijing on manufacturing and distributing BMW cars in China.
After the proposed JV was approved by the local government in early March this was the last formal step to set up the new joint venture. Dr. Helmut Panke, Chairman of the board at BMW AG and Wu Xiao An, president of Brillance China Automotive Holdings Ltd signed the papers. Earlier in the day Panke met with Chinese Vice-Premier Wu Yi where Panke promised more investment in China. — BMW Group and Brilliance officially open Shenyang plant.
The new JV will manufacture BMW 3-series and 5-series automobiles from the 2nd half of 2003. It is expected that over 30,000 cars will be manufactured per annum. The Brillance Automotive facilities in Shenyang will be upgraded with an investment of 450 million Euros. About 3000 associates will be employed. — new BMW 5 Series range.
The company will also look after the distribution of BMW cars. It is hoped that within the next 5 years 150,000 BMW cars could be sold locally. — Mercedes C-Class Estate developments.
