Acquisition of Chinese enterprises, BMW car to play a big move?

Beijing, Nov. 12 (Xinhua) German BMW Motors announced on the 11th the acquisition of China Pioneer International Financial Leasing Co., Ltd. ("Pioneer Lease") to develop and expand the company's business in China. Xinhua International Client understands that BMW said in a statement that the acquisition of a Chinese company is an emphasis on China’s increasingly prosperous car rental industry and will broaden the company’s future development.

In 2014, the BMW World Vision Future Concept debuted at the Beijing Auto Show.

BMW executive Erich Ebner von Eschenbach told reporters that the company "resolutely looks to" the medium-to-long-term potential of the Chinese auto market and is ready to enter the next level of performance growth. "New business areas such as leasing and fleet management will become increasingly important."

Beijing, BMW car store.

The specific details of this acquisition are currently unknown. It is understood that Pioneer Leasing is a foreign-funded leasing enterprise approved by the China Tianjin Commercial Commission in 2009. The shareholder is China Car Rental (Hong Kong) Co., Ltd., with a registered capital of 100 million U.S. dollars. In the first 9 months of this year, BMW has sold more than 343,000 multi-species vehicles in China, an increase of 2.3% year-on-year.