Brilliance China Automotive reached 92% of its full year sales targets in 2008, according to a local news report.
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The report said that the Chinese car company sold 285,000 vehicles in 2008, whilst its sales target was set for 300,000 units.
The report, by NewsTrak International, quoted Wu Xiaoan, chairman of Brilliance Auto, saying the company would strengthen its economies of scale by lowering purchasing and production costs, as well as developing new products.
The company is the Chinese partner of German giant BMW. Brilliance said that sales of BMW sedans, had not been affected by the economic downturn, with sales and profits on target.
In early December, Brilliance has that its controlling shareholder was to inject about CNY500m (US$72.7m) into the company in an effort to improve its liquidity and cash flow situation.
The Chinese minibus and car maker, BMW’s partner in China, said it would sell 1.314 billion new shares, or 26.36% of its enlarged share capital, at HK$0.43 apiece to controlling shareholder Huachen Automotive Group Holdings.
Brilliance said the net proceeds to be raised would be used to reduce debt and contribute to the working capital of its 51%-owned joint venture Shenyang Brilliance JinBei Automobile.
