BMW extends contract term, increases investment in China's JV

Guests attend the ground breaking ceremony for the BMW Brilliance Tiexi New Plant in Shenyang, northeast China's Liaoning Province, Oct. 11, 2018. The German carmaker announced Thursday that they would extend the contract term of the joint venture BMW Brilliance Automotive (BBA) in northeast China and to increase investment for its production capacity expansion. The BMW Group will invest more than 3 billion euros (3.5 billion U.S. dollars) in new and existing plant structures in Shenyang over the coming years. In the following three to five years, the total annual production capacity of BMW automobiles at the BBA plants will increase to 650,000 units, creating 5,000 new jobs. (Xinhua)