BMW Group's joint venture in China, BMW Brilliance Automotive Ltd. (BBA), will invest 10 billion yuan ($1.4 billion) in a new battery production project in northeast China's Liaoning Province.

The project's signing ceremony was held Friday in Shenyang, the capital of Liaoning. The signed agreement will see BBA expand battery production capacity at its Shenyang production base.

"The signing of the investment agreement not only demonstrates our confidence in the long-term perspectives of the Chinese market but also underlines our strong belief that business ties will continue to build bridges between China and Germany," said Jochen Goller, president and CEO of BMW China.

Franz Decker, president and CEO of BBA, also noted that the investment is a "crucial next step" in BMW's e-mobility strategy in China.

The new investment follows a phase of extensive upgrading at the BMW production base in Shenyang, including a 15-billion-yuan plant opening in June.

Shenyang is BMW Group's largest production base worldwide. The total number of the group's employees in China exceeds 28,000.

China, the world's largest auto market, has taken a leading position in new energy vehicle (NEV) sales and research.

China's NEV sales stood at 3.521 million units last year, accounting for 53 percent of the global market share, according to data from the China Association of Automobile Manufacturers.

(Source: Xinhua with edits)