BMW to set up RP subsidiary

BMW to set up RP subsidiary

MANILA (AFX-ASIA): BMW AG said it will set up a Philippine subsidiary on April 1 in a 70:30 joint venture with businessman Jose Alvarez, owner of current BMW importer, Asian Carmakers Corp.

BMW Philippines Corp will be the first Filipino subsidiary of a car manufacturer in the luxury vehicle segment, the company said.

BMW Philippines president Mark Gilbert said the company hopes to keep the lead in the luxury car segment of the local car market and expand the model range to include models that are in demand.