BMW tie-up propels Brilliance's profit
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E-mail Shanghai Daily, March 28, 2013
Net profit at Brilliance China Automotive Holdings Ltd jumped 27 percent in 2012 as contribution from its joint venture with BMW helped drive sales.
Hong Kong-listed Brilliance posted a net income of 2.3 billion yuan (US$370 million) last year, with its BMW joint venture propelling a higher profit contribution of 35.2 percent on the back of a 48.7-percent sales surge, the company said in a filing to the Hong Kong stock exchange yesterday.
Deliveries of BMW-branded cars on the Chinese mainland climbed 40 percent to 303,169 vehicles, which included 3- and 5-series sedans and X1 SUVs assembled by Brilliance, as the luxury passenger segment of the auto market grew about 30 percent last year compared with a mild rise of 7.1 percent for the overall passenger car market.
Its joint venture with BMW was productive as their second plant in Shenyang, Liaoning Province started operation at the start of 2012. The plant aims to add 400,000 vehicles annually in the mid term, and a new engine assembly facility was set up.
"The joint venture is also developing Chinese-branded new energy products to be launched at the end of 2013'' the firm said in the filing.
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