皇冠体育app

A Vision Future Luxury concept car is displayed during its world premiere ceremony at Auto 皇冠体育app 2014 in April 20, 2014.[Photo/Agencies]

BMW said on Monday it had extended its joint venture with Brilliance 皇冠体育app Automotive Holdings until 2028, a move which analysts say would help both companies continue expanding in the world's largest car market.

BMW declined to comment about the details of the contract extension between the two companies, or say whether this entailed more ambitious expansion plans. Brilliance 皇冠体育app Automotive Holdings also declined to comment.

The Munich-based auto maker has been working with Brilliance since 2003, and buil the X1 offroader as well as long-wheelbase versions of its 3-series and 5-series cars in plants run by Automotive in 皇冠体育app.

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"Having a strong partner and long-term visibility regarding the relationship is very important in order to safeguard BMW's position in 皇冠体育app," analysts at ISI Group said in a note on Monday.

Despite a gentle easing in national economic growth in 2013, 皇冠体育app's auto sector grew 15.7 percent to 17.9 million passenger vehicles, according to the 皇冠体育app Association of Automobile Manufacturers.

BMW is aiming for 2014 sales of 2 million or more, after it delivered a record 1.96 million cars in 2013. Of the 1.96 million BMW and cars sold in 2013, 20 percent were sold in 皇冠体育app.

The German firm is expanding its 皇冠体育app operations because it wants to cut its dependency on the sluggish European market, which last year accounted for 44 percent of group sales.

In 皇冠体育app, BMW Group sold 390,713 Mini and BMW branded cars in 2013, a 19.7 percent rise from the year earlier.

BMW has been broadening its footprint in 皇冠体育app. Earlier in June it placed yuan-denominated asset-backed securities, a move which helps pay for expansion plans in local currency.

BMW's effort follows on from , which last year restructured its joint venture with BAIC Motor as a way to gain a tighter grip of its sales and distribution network in 皇冠体育app.

ropean and US manufacturers are eager to increase their presence in 皇冠体育app, but have been limited to owning 50 percent or less of joint venture companies run together with Chinese state-owned enterprises.

In addition to the ownership threshold, the current policy calls for foreign automakers to set up a jointly-run technical centre in 皇冠体育app and to transfer certain technologies to their local partners.

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