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| Chairman's Statement |
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 During the year 2008, our Zhonghua sedan segment experienced a drop in sales volume, while our minibus and premium BMW products continued to exhibit growth. The Group sold 91,356 Zhonghua sedans in 2008, representing a 14.4% decrease from the previous year. The new Junjie FRV, the first model from the brand new A-class line of our Zhonghua products, was introduced to the market in mid-2008. Although the Junjie FRV has been well received since its launch, the short period since introduction resulted in a relatively low volume to support the new A-class platform, and the Junjie FRV model was not profitable in 2008. This was the main reason for the reduced gross margin for 2008.
With respect to our minibus business, despite a difficult operating environment the Group continued to maintain its market leading position in 2008. A total of 73,863 minibuses were sold in 2008, representing a slight increase of 0.6% from the 73,415 units sold in 2007. With its long history, established track record and strong brand recognition, our minibus business continues to be a relatively stable profit contributor to the Group.
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| Company at a Glance |
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 General
Overview
Brilliance China is one of the leading automotive manufacturers
in China through its subsidiaries, associated companies and
joint ventures in the PRC. The Group's operating segments
are divided primarily into the manufacture and sale of (i) minibuses
and automotive components, and (ii) sedans. Its
commercial vehicle brands include "JinBei" and "Granse"
minibuses and its sedan brand includes "Zhonghua".
In 2003, the Group also established a joint venture with BMW
to produce BMW 3-series and 5-series sedans in China. The
Group is also engaged in the manufacture of gasoline engines
for use in minibuses, sedans, SUV and light trucks and automotive
components, including but not limited to window moldings,
strips, axles, stamped parts, etc. |
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