Well-known luxury car manufacturer BMW said its plan to start a joint-venture in China is making swift progress.
BMW will team up with Brilliance Automotive Holdings, said Prof. Dr. -Ing. Joachim Milberg, chairman of the board of BMW AG on a press conference here Friday.
He said the licensing and approval needed for the joint venture proposal has entered the final phase.
"The production of BMW cars in China will be a further milestone ensuring the powerful presence of the BMW Group in this very promising automobile market," he added.
BMW hopes to become China's leading luxury car manufacturer, he said.
In the first nine months, BMW sold over 4,600 cars in China, up 72 percent over the corresponding period of last year.
(Xinhua News Agency 10/29/2001)