#HaraldKrueger

Now that China has relaxed its joint-ownership mandates, BMW has announced that it will procure a majority stake in its venture with Brilliance Automotive. The German firm will be the first foreign automaker to have majority control of its business in the region.

Being first will not come cheaply, however. It will cost BMW $4.2 billion to assume control with a majority stake of 75 percent of the business — albeit as part of a larger deal. All the manufacturer has to do is come up with the funds and wait until 2022, when rules limiting foreign ownership for all Chinese auto ventures are officially lifted.

Munich HQ has huge expectations for the third-generation BMW X3. The X3, after all, was the vehicle that ignited the compact luxury SUV craze, the vehicle that spawned competitors such as the Audi Q5, Acura RDX, Mercedes-Benz GLK/GLC, Volvo XC60, Lexus NX, and Porsche Macan. Surely the X3 has the power, the might, the capacity for sales domination, right?

“We created that segment,” BMW CEO Harald Krueger said in July. “The No. 1 approach and target I clearly have is, there shouldn’t be anyone besides us who is No. 1.”

“If somebody on my team is not performing to that, well, he has a problem,” Krueger says, making clear to BMW USA’s Bernhard Kuhnt that greater global production of the X3 will mean greater allocation, which had better mean greater U.S. sales.

BMW will not, however, seek to achieve the lofty sales goals by introducing the 2018 X3 with a price that undercuts its key rivals.

“We created that segment,” BMW CEO says of the sector in which the BMW X3 arrived before Acura, Audi, Infiniti, Lexus, Lincoln, Mercedes-Benz, Porsche, and Volvo.

“The No.1 approach and target I clearly have is, there shouldn’t be anyone besides us who is No.1,” Krueger told Automotive News Europe.

In the U.S., where Krueger’s goals (expectations? demands?) for the South Carolina-built BMW X3 are lofty, the X3 ranked a distant fifth in the category in 2016.

But Krueger ain’t kiddin’ around.

Harald Krueger, who just took the CEO reins at BMW, had a dizzy spell and collapsed to the floor Tuesday during the group’s press conference.

According to The Telegraph, it was Krueger’s first appearance as the group’s CEO.

It’s official: BMW’s second North American assembly plant will be built in Mexico, with production to begin in 2019.