The Company (through its 50% indirectly owned company, BMW Brilliance Automotive Limited) manufactures and sells all of its sedans under the "BMW" brand name in China. On 27th March, 2003, the Company (through its indirectly owned subsidiary) entered into a joint venture contract with BMW Holding BV in relation to the establishment of the joint venture to manufacture, assemble and sell the latest version of the BMW-designed and branded passenger cars, engines, parts and components in China. The 3-series and 5-series BMW sedans produced by the joint venture were launched in the Chinese sedan market in November 2003. The BMW joint venture also launched new versions of the 3-series and 5 series in September 2005 and November 2006, respectively.In August 2010, a new 5-series long version was launched. The BMW sedans are targeted at the premium sedan market in China.