BMW to acquire 75% stake in JV

German carmaker the 1st beneficiary of policy to open auto industry wider

BMW AG said it plans to take a majority stake in its Chinese joint venture, the first move by a global carmaker to seek control of local partnerships in China as the country opens its automotive sector wider.

It has reached an agreement with Brilliance China Automotive Holdings to raise its equity in their joint venture to 75 percent from the current 50 percent, according to a statement the German premium carmaker issued on Thursday.