German automaker BMW has increased its investment in the Chinese joint venture BMW Brilliance, The Paper reported.

The BMW Group and Brilliance Automotive Group jointly announced that shareholders will extend the agreement to 2040, so as to further deepen the cooperation between the two parties.

Meanwhile, BMW will inject a fresh investment of 3 billion euros (US$3.47 billion) into its Chinese subsidiary.

As for the 3 billion euros, BMW Group said it will be used for expansion projects involving the Shenyang production base over the next few years.

It is expected that BMW Brilliance’s annual production capacity will gradually increase to 650,000 units per year, and to create 5,000 new jobs.