Gasgoo.com (Shanghai February 21) - Brilliance China, Liaoning-based own brand and BMW's joint venture partner, plans to turn around its financial losses this year, Economic Observer News reported today. The statement appeared in the manufacturer's 2010 yearly performance report released late last week.
According to the report, Brilliance believed that the primary factors behind its losses last year was due to increased services in its BMW Brilliance Automotive joint venture (of which Brilliance controls 50 percent stock) and delays in selling its underperforming Zhonghua sedan brand to parent company Brilliance Automotive Holdings Group.
Independent statistics show 2010 Chinese sales of BMWs reach 169,000 vehicles, an increase of 87% from 2009. Among its lineup the 5 Series (pictured) proved to be most worthy of attention, with sales increasing from 43,700 in 2009 to over 110,000. Sales of domestically-produced BMWs also doubled, with total volume far exceeding that of imported models. Having spent a considerable amount of energy in increasing services, Brilliance looks to reap greater rewards from increased BMW sales this year.
In other news, the manufacturer's Jinbei brand, producer of vans and other large vehicles, reported 2010 sales of 285,900 units, an increase of 55% from the previous year.
