BMW's Chinese partner said its indebted state-backed parent siphoned $1.6 bln in funds. For foreign peers stuck in similar arrangements, the scandal sends a message: hurry up or hurry out, says petesweeneypro
joint venture partner in the People’s Republic, by its indebted state-owned parent should sends a signal to other foreign carmakers stuck in similar arrangements: take control or leave.that a complex series of undisclosed transactions totaling 53 billion yuan had resulted in a 2.4 billion yuan loss for the company — a separate entity from the BMW JV — between 2019 and 2021.
It's an embarrassment, but then Brilliance is an ugly outlier among Chinese automakers. Its rust-belt home province of Liaoning is one of the weakest regional economies in the country. Since Beijing announced overseas marques would be allowed to take control of auto JVs, investors concluded there would be little value left in Brilliance without its cash cow and its share price has halved until the company halted trading in March 2021 after failing to file its 2020 annual report.
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