BMW driving into a brave new world in China; plans new ownership structure

BMW is poised to become the first foreign car company to take majority control of its Chinese venture as the country opens up one of its biggest industries to foreign ownership despite a worsening trade war with the US.

The second-biggest luxury-car maker plans to unveil the new ownership structure of its venture with Brilliance China Automotive Holdings soon, according to a person familiar with the plan, who asked not to be identified because the accord remains confidential. BMW is the biggest exporter of vehicles from the US to China, putting it among major companies most exposed to a trade war.