Brilliance Auto chairman to head JinBei Auto

Shanghai, May 22 (Gasgoo.com) Brilliance Auto chairman Qi Yumin has started to head Shenyang Brilliance JinBei Automobile Co., whose chairman He Guohua has resigned on health grounds, Nanfang Daily said today.

Mr. Qi, 50, has given JinBei's top management a sweeping reshuffle after taking over this company.

Earlier this week, JinBei Auto said in a statement that it is planning a joint venture with Liaoning Special Vehicle Development Company. The new venture, called Brilliance Auto (Tieling) Special Vehicle Co., Ltd., has registered capital of 120 million yuan ($17.57 mln), with 16.7% invested by JinBei.

The new company will become a special vehicle manufacturing base, which will integrate R&D, production and sales into its business.

By reforming the top management and setting up a special vehicle venture, Mr. Qi hopes to improve JinBei Auto's corporate performance. In 2008, JinBei Auto posted losses of 350 million yuan.

According to its new strategy, JinBei Auto will focus on making light trucks and medium-size trucks, upgrade its light truck models and prepare for the R&D of heavy-duty truck products.