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Brilliance car or quit brilliance BMW!

2024-03-04 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)01/18 Report--

Brilliance is considering selling its remaining 25 per cent stake, and a number of Chinese companies are interested in the sale of the remaining 25 per cent, including FAW and other start-ups, according to European Automotive News (Automotive News Europe). Negotiations are under way and no final decision has been made and a deal may not be reached. Of course, brilliance has not publicly responded to the relevant BMW.

Brilliance Automobile Group holding Co., Ltd. is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, which directly or indirectly controls and participates in four listed companies. and through its listed company brilliance China and BMW joint venture to establish brilliance BMW. Historically, brilliance Group has three independent brands, namely, China, Golden Cup and Huasong, and two joint venture brands of brilliance BMW and Huachen Renault. By this year in 2024, brilliance will only be supported by brilliance BMW. Data show that brilliance BMW Co., Ltd. was established in May 2003, a joint venture between brilliance China Automobile Holdings Co., Ltd. and BMW Automobile Group, each holding 50% of the shares.

In November 2020, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group holding Co., Ltd., marking that the car company has officially entered the bankruptcy reorganization process. In March 2021, the Shenyang Intermediate people's Court ruled that 12 enterprises including brilliance Group should be tried by substantive merger and reorganization, and appointed the manager of brilliance Group as the substantive merger and reorganization manager of 12 enterprises, including brilliance Group.

In February 2022, BMW Group announced that its joint venture brilliance BMW in China had obtained a new license. BMW Group's shareholding in brilliance BMW had increased from 50% to 75%. Brilliance Group continues to hold 25% of brilliance BMW. This indicates that BMW will have more decision-making power in the operation of the joint venture, while brilliance's influence will be further weakened, and its profits from the joint venture will be greatly reduced. This will undoubtedly aggravate the financial crisis of the group.

In May 2023, brilliance China announced that the company had been informed by brilliance Manager that Shenyang Automobile Co., Ltd. had been selected by the brilliance Group restructuring Investor selection and Evaluation Committee as a potential investor in brilliance restructuring, and that brilliance restructuring plan was still being worked out, pending approval from brilliance creditors' meeting and Shenyang Intermediate people's Court. There is a view that the establishment of Shenyang Automobile is the groundwork for the local government to reorganize brilliance Group. Jinbei Automobile and Shenhua Holdings also revealed in the announcement that Shenyang Automobile was set up to develop the automobile industry in Shenyang. If the plan is passed, Shenyang Automobile will further join brilliance Group, whose actual controller may be changed from Liaoning SASAC to Shenyang SASAC.

Data show that BMW delivered a total of 824932 BMW and MINI vehicles in China in 2023, an increase of 4.2 per cent year-on-year. China remains by far the most important single market for BMW. In 2023, BMW launched five pure electric models in China: BMW iX, BMW i4, BMW iX3, BMW i3 and BMW i7, covering almost all car consumer segments. However, with the increasing volume of the new energy vehicle market, whether BMW can successfully achieve its strategic goal of electrified transformation remains to be verified by the market.

In addition to brilliance BMW, BMW Group also has another joint venture in the Chinese market, that is, Beam Automobile Co., Ltd. Beam Motor was founded in December 2019. Great Wall Motor Co., Ltd. and BMW (Holland) Holdings each own 50% of the joint venture company, of which BMW (Holland) Holdings is the actual controller. A few days ago, in the latest declaration catalogue of the Ministry of Industry and Information Technology, the brand new MINI COOPER, the first volume production car of Beam Motor, has been declared and is expected to be listed within this year.

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