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International carmakers are revving up research and development efforts in China to stay competitive, as the world's largest vehicle market is becoming a powerhouse of innovation especially in terms of electrification and digitalization.
BMW and Alibaba officially opened their new, jointly-owned 'innovation' centre in Shanghai as the German automaker looks to step up its digitalisation strategy in China with the collaboration of tech giant Alibaba. According to BMW, the new centre will serve as an "incubator" to "empower Chinese tech startups with the expertise and resources of the two partners". The centre has set an initial three year target to provide at least 300 companies with advanced cloud computing infrastructure from Alibaba and access to BMW specialists and business units via the BMW Startup Garage. BMW pointed o...
False reporting and incomplete disclosures have led China’s securities regulator to fine Huachen Automotive Group Holdings and some of its executives a total of nearly $9 million. The company owns Brilliance China Automotive, BMW’s main Chinese partner. Together, the companies formed BMW Brilliance Automotive under China’s requirement that foreign automakers partner with local companies. BMW Brilliance accounts for nearly all of Brilliance’s profit, per Reuters. As Huachen Automotive Group sought to launch its own automotive brands, it sank deeply into debt. In 2020, the company defau...
China Regulator Fines Parent Of BMW Partner Over False Accounting (Nikkei Asia) — China’s securities regulator has fined Huachen Automotive Group Holdings and a group of current and former executives almost $9 million over false and incomplete disclosures made during bond sales by the bankrupt corporate parent of BMW’s local joint venture partner. Last week, Brilliance China Automotive, BMW’s Hong Kong-listed partner, revealed that it had discovered that subsidiaries had guaranteed 5.89 billion yuan ($905.91 million) in Huachen bank borrowings without authorization. The latest disclos...
BMW's new China plant for Mini EVs is progressing well JV with Great Wall to start output in 2023 for local and global markets Bloomberg Production of two Mini EVs for the China and global markets will start in 2023. BMW Group’s China joint venture with Great Wall Motor is set to start production in 2023, as the automaker aims to have electric vehicles make up a quarter of its sales in the country. The construction of a manufacturing plant with Great Wall is "well under way" and the main structure should be completed later this year, BMW’s CEO for China, Jochen Goller, said in an intervie...