BMW will be first auto manufacturer to own 75% of venture in China
German automaker BMW has been allowed to raise its stake in its Chinese business to 75% according to reports.
The company will be able to take a two-thirds majority in its onshore venture in China thanks to a change in ruling by the Chinese government, which BMW is first to take advantage of. Previously, foreign manufacturers have only been allowed to own up to 50% of a joint venture with a local business if they wish to manufacture in the country.
As such, BMW currently has a 50% stake in its Chinese joint venture with Brilliance China Automotive Holdings. By 2022 when new laws fully kick in, the company will restructure with BMW taking the main share.
Chinese Premier Li Keqiang reportedly spoke of the venture on Monday in a meeting in Beijing with EU politicians and business leaders. He stated that China was ready to sign an agreement with BMW when the Germany company was ready to do so.
Last week, BMW and Brilliance reportedly signed an agreement to expand the production of their Shenyang-based company to 520,000 units in 2019. Its annual capacity as of 2017 was 450,000.
In addition, it was also announced that Chinese battery manufacturer CATL has been given $420mn upfront as part of a contract to supply batteries for BMW Brilliance. CATL announced it plans to build its first EU based production site in Germany, home of BMW.
Amobee Appoints Nick Brien As CEO
In its latest strategic move, Amobee—a global multimedia advertising leader—announced that Nick Brien will be its Chief Executive Officer. The company is entirely owned by Singtel, Asia’s leading communications technology organisation, which provides consumers with mobile, broadband, and TV and businesses with data hosting, cloud, network infrastructure, analytics, and cybersecurity tools.
Brien, who has worked for Microsoft, Intel, P&G, and American Express, will take over to drive the next generation of advertising tech. Said Evangelos Simoudis, Chairman of the Board of Amobee: ‘Nick has the deep expertise in advertising that we need to seize the market opportunities ahead’.
How Did Brien Get Here?
Before joining Amobee, Brien led 15,000 people across 40 divisions as CEO of the Americas for Dentsu International. For thirty years, he’s helped brands pilot unique advertisements, keeping up with the latest trends. He’s served as CEO of McCann Worldgroup, global CEO of IPG Mediabrands, President of Hearst Marketing Services, and CEO of iCrossing. Over the course of his career, he’s consistently strategised how to keep up with digital shifts. Now, he’ll capitalise on Amobee’s legions of experienced data scientists and developers.
‘I’m excited to be joining Amobee at such a transformative time in our industry’, Brien explained. ‘We’ll pilot advertising accountability and intelligent decisioning. And there’s no doubt in my mind that optimising media performance—whether you’re targeting, planning, buying, or delivering—can only be achieved using applied science, machine learning, and data analytics’.
What Does This Mean for Amobee?
Amobee is set on growing its personal brand within the advertising sector. As APAC social media influencers, Gen Z growth hackers, and viral content producers start to enter the field, established companies will be working doubly hard to keep up. Amobee, however, is still looking good. With a Gartner Magic Quadrant for Ad Tech, a Forrester New Wave recognition, and now, Nick Brien as CEO, the firm is set up for success.