Seeking Regulatory OK For Auto Finance JV-BMW China Exec
BEIJING (Dow Jones)--BMW AG (BMW.XE) has submitted applications to regulators to set up an auto financing company with its Chinese joint venture partner, and hopes the joint venture will begin operations in the first half, BMW Automotive finance (China) Ltd. Chief Executive Kirk Cordill said Friday.
BMW and Brilliance China Automotive Holdings Ltd. (1114.HK) agreed in October last year to set up BMW Automotive finance (China) Co. to provide wholesale and retail auto loans, Cordill said.
BMW has a 58% stake in the joint venture, while its Chinese joint venture, BMW Brilliance China Automotive Ltd., holds the remainder, he said.
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