Foreign carmakers step up investment in nation
China has held the distinction of being the world's largest market for cars since 2009.
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China has held the distinction of being the world's largest market for cars since 2009.
BMW has officially opened its new 15 billion yuan ($2.2 billion) factory in Shenyang, China with a strong focus on electric vehicles.
German automaker BMW voiced its firm confidence over long-term development prospects of the Chinese market, following the opening of a new plant in Shenyang, capital city of Northeast China's Liaoning province, on Thursday.
BMW said it will take the lead in realizing closed-loop recycling of China-made electric vehicles' power batteries after the German automaker announced its partnership with Huayou, a tech company specializing in battery recycling based in Zhejiang province, on Wednesday.
The BMW Brilliance Automotive joint venture (BBA) has established a closed loop for reuse of the raw materials nickel, lithium and cobalt from high-voltage batteries that are no longer suitable for use in electric vehicles. The batteries come from fully and partially-electric development vehicles, test systems and production rejects and,...