BMW AG receives state approval to set up a car-manufacturing joint venture in China. The German auto maker began talks with minibus maker Brilliance China Automotive Holdings Ltd. in late 2000, in a bid to jointly manufacture BMW sedans. The Chinese government issued BMW the often difficult-to-obtain project proposal permit, which allows for the establishment of the joint venture. Analysts say that BMW expects to control a 50% stake in the venture and Brilliance China will hold 40%, ...
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