BMW set for China joint venture deal

BMW set for China joint venture deal

MUNICH, Germany: German carmarker BMW is to sign a joint venture agreement this month with China's minibus manufacturer Brilliance, the company said on Friday.

The agreement on production and distribution of BMW cars in China will be signed on March 27 in Beijing, the company said following approval in writing by China's state council.

BMW hopes to start producing its 3 series car this autumn at a plant in Shenyang in northeast China, with production of the 5 series to follow in summer 2004.

The German company aims in the long term to become the leading provider of premium models in the growing Chinese market.

BMW chairman Helmut Panke believes China is set to become the world's largest automobile market.

"The joint venture represents a fundamental step forward in one of the most important automobile markets of the future", he said. -- Dpa