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BERLIN: BMW has received the license from Chinese authorities to increase its stake in its Chinese joint venture BMW Brilliance Automotive to 75% from 50%, the carmaker said on Friday, effective immediately.

The revaluation would lead to a positive one-off effect of 7 to 8 billion euros ($8-9 billion) to the financial results of its automotive segment, BMW said, with an increase to free cash flow of around 5 billion euros.

As of February 11, BMW Brilliance Automotive would be fully consolidated in BMW AG's group financial statements, it said, adding that it would provide more details when publishing its annual results on March 16.

Its Chinese partner Brilliance China Automotive Holdings Ltd. will retain the remaining 25%.

EU automobile sales to rebound in 2022: industry

BMW said in October it would pay 3.6 billion euros to take control of its main joint venture in China, after the country announced it would lift longstanding rules capping foreign ownership for all auto ventures from 2022 onwards.

BMW delivered 846,237 BMW and MINI vehicles to customers in China in 2021, up 9% from the previous year and constituting nearly 40% of total sales.

The carmaker will add production of its X5 in China, previously imported from the United States, in the second quarter of the year at the BMW Brilliance joint venture, a US supplier source told Reuters.

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