The BMW Group agreed to increase its stake by 25% the BMW Brilliance Automotive joint venture from its joint venture partner, a subsidiary wholly owned by Brilliance China Automotive Holdings. The two partners agreed on a purchase price of an equivalent of €3.6bn euros ($4.08bn). The contractual term of the joint venture, which would currently expire in 2028, is to be extended to 2040 as part of the agreement. The strategic goal pursued by the BMW Group is to further strengthen its long-term cooperation with CBA, increase production capacity at the existing sites in Shenyang and continue to expand the localization of additional models including 'new energy vehicles'.