Brilliance plans to triple its sales to 1 million by 2012

Shanghai, April 22 (Gasgoo.com) Brilliance Auto, BMW's partner in China, has laid out an ambitious target to more than triple its vehicle sales to 1 million by 2012, up from 300,000 in 2007, Brilliance’s chairman Qi Yuming said on April 20 at the 2008 Beijing auto show.

According to its plan, Brilliance Auto aims to sell 150,000 light trucks and the same number of mini vans by 2010. Besides, it targets to double the production of its advanced engines to 600,000 units in the next two years. Brilliance China, as the company's joint venture with BMW, will raise its annual capacity to 100,000 units in four years from the current 35,000 units.

More than 6 billion yuan ($858 million) is needed to fund the expansion over the next three years. The company will raise part of the expansion capital from stock markets, and it also hopes for government financial support in terms of tax and loans. Industry analysts say the fundraising options may include an A-share initial public offering of Hong Kong-listed Brilliance China.

Brilliance launched several new self-branded models last year to boost sales. This included the Zhonghua Junjie sedan, using China's first self-developed 1.8T engine. Brilliance is already selling in more than 60 countries, mostly in emerging market, and its mid-range, self-developed sedan Zhonghua is also ready to enter the US market.

Shenyang-based Brilliance, once a light-vehicle maker, has emerged as an increasingly competitive player since it moved to the booming passenger car market.