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Brilliance Auto Group

(Redirected from Brilliance Automotive)

Huachen Automotive Group Holdings Co. Ltd., known for its brand name Brilliance Auto Group, was a Chinese multinational automobile manufacturer holding company headquartered in Shenyang.[6] Its products include automobiles, microvans, and automotive components.[7] Its principal activity is the design, development, manufacture and sale of passenger cars sold under the Brilliance brand.

Huachen Automotive Group Holdings Co. Ltd.
Brilliance Auto Group
Company typeState-owned enterprise
IndustryAutomotive
Founded
  • 1992; 32 years ago (1992) (Brilliance Auto)
  • 2002 (current incorporation of Huachen Automotive Group)
Founder
Headquarters
Shenyang, Liaoning Province
,
China
Area served
Exported worldwide
Key people
Yan Bingzhe(Chairman and Party Committee Secretary of the Group;[1] CEO of Brilliance Auto[2])
Wu Xiao-an(Chairman of Brilliance Auto; director of the Group[2])
Products
Brands
  • Brilliance
  • Huasong
  • Jinbei
  • Zhonghua
RevenueIncrease CNY181130 million (2019)
Decrease CNY000279 million (2019)
Total assetsIncrease CNY195348 million (2019)
Total equitySteady CNY004992 million (2019)
Owner
Liaoning Provincial Government(80%)
Liaoning Social Security Fund(20%)
Number of employees
Decrease 5,610 (Brilliance Auto only)[3] (2019)
ParentLiaoning Provincial Government's SASAC
SubsidiariesBrilliance Auto (SEHK: 1114; 42.32%)[4]
Chinese name
Simplified Chinese华晨汽车集团控股有限公司
Traditional Chinese華晨汽車集團控股有限公司
Hanyu PinyinHuáchén qìchē jítuán kònggǔ yǒuxiàn gōngsī
Literal meaning"China morning" automotive group holdings limited company
Transcriptions
Standard Mandarin
Hanyu PinyinHuáchén qìchē jítuán kònggǔ yǒuxiàn gōngsī
Brilliance Auto Group
Simplified Chinese华晨汽车集团
Traditional Chinese華晨汽車集團
Hanyu PinyinHuáchén qìchē jítuán
Transcriptions
Standard Mandarin
Hanyu PinyinHuáchén qìchē jítuán
Brilliance Auto
Simplified Chinese华晨汽车
Traditional Chinese華晨汽車
Hanyu PinyinHuáchén qìchē
Transcriptions
Standard Mandarin
Hanyu PinyinHuáchén qìchē
Yue: Cantonese
Yale Romanizationwàh sàhn hei chē
Jyutpingwaa4 san4 hei3 ce1
Websitewww.brilliance-auto.com
Footnotes / references
financial figures are from consolidated financial statements; profit and equity have excluded minority interest. Source:[5]
Brilliance Auto dealership in Beijing, China

Brilliance Auto Group holds a 42.32% shareholding in the Bermuda-incorporated Brilliance China Automotive Holdings Limited (commonly known as Brilliance Auto or Brilliance China), which is listed on the Frankfurt and Hong Kong stock exchanges.[8]

Brilliance China Automotive Holdings (Brilliance Auto) previously produced "Brilliance" branded cars under manufacturing unit Brilliance Motor which has since been sold to BMW. Brilliance Auto also holds 25% of BMW Brilliance, a joint venture with BMW which produces, distributes and sells BMW passenger cars in mainland China. It also holds a 51% stake of Renault Brilliance Jinbei, a joint venture with Renault which designs, develops, manufactures and sells light commercial vehicles under the Jinbei, Huasong and Renault brands. As of 2022 (VW), BMW holds 100% share in Brilliance Motor and 75% of BMW-Brilliance, controlling the majority of production capacity under Brilliance.

In 2010, Brilliance Auto Group and its subsidiaries had an annual production capacity of 800,000 vehicles[9] although capacity has come online since. In 2012, the company manufactured almost 650,000 vehicles, the eighth-largest production of any Chinese vehicle maker that year.[10] Roughly 70% of production was consumer sedans.

Brilliance steering wheel in the Brilliance BC3

History

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Origins

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The origins of Brilliance Auto Group (officially Huachen Automotive Group Holdings Company Limited) can be traced to a Chinese government-owned automobile factory which under founding chairman Yang Rong, became one of the leading Chinese makers of minibuses between 1991 and 2002.[6][11]

1990s

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On 9, June 1992, a subsidiary, Brilliance China Automotive Holding Limited was incorporated in Bermuda.[12][13] In the same year, the company was registered as a foreign company in the Hong Kong Companies Registry. Initially, the subsidiary owned 40% stake of Shenyang Jinbei Coach Manufacturing Co. Ltd. (Chinese: 沈阳金杯客车制造有限公司),[14] while the rest of the stake was owned by another company, Shenyang Jinbei Automotive Company Limited (Chinese: 金杯汽车股份有限公司; SSE: 600609).[14][15] The ratio was later changed to 51% owned by Brilliance China Auto and 49% owned by Shenyang Jinbei Automotive.[14]: 244  The American depositary shares of Brilliance China Auto was floated in New York Stock Exchange from 1992[14] as NYSE:CBA. The company intended to delist from NYSE in 2007[16][17] and completed in 2009.[18]

In 1999, the Group injected most part of the group assets to the subsidiary, and the shares started to float in the Stock Exchange of Hong Kong (now part of Hong Kong Exchanges and Clearing) as SEHK:1114.[19] As of 31 December 2019, Huachen Automotive Group (Brilliance Auto Group) owned 42.32% shares of the listed company as the largest and controlling shareholder.[4]

The Group has another listed associate company that is listing in the Shanghai Stock Exchange: Shenyang Jinbei Automotive Company Limited. As of 31 December 2019, the Brilliance Auto Group, via an intermediate company Shenyang Automobile Industry Asset Management Company Limited (Chinese: 沈阳市汽车工业资产经营有限公司), owned 24.38% shares of that company as the largest and controlling shareholder.[20] It was planned to inject the stake into the major listed company of the group, Brilliance Auto, in 2003.[21] However, the deal was collapsed. Nevertheless, Shenyang Jinbei Automotive did not have the controlling interest on Shenyang Jinbei Coach Manufacturing since 1992, which is the predecessor of Brilliance Jinbei[22] (now Renault Brilliance Jinbei).

Shenyang Jinbei Automotive was listed in the stock exchange since 1992.[15] Shenyang Jinbei Automotive and Brilliance Auto Group were separate conglomerates, which the controlling stake of Shenyang Jinbei Automotive was acquired by FAW Group in 1995.[14]: 246 [23] Shenyang Automobile Industry AMC agreed to acquire 29.91% stake from FAW Group in 2000.[24][25]

2000s

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In 2001, Shenhua Holdings agreed to acquire the shares of Shenyang Jinbei Automotive that held by Shenyang Automobile Industry AMC,[14]: 248 [25] allowing the Jinbei marque integrated into the Group. However, the deal revised into Brilliance Auto agreed to acquire the stake from Shenyang Automobile Industry AMC in 2003.[21][14]: 250–251  Despite the final deal became Brilliance Auto Group acquired Shenyang Automobile Industry AMC directly in April 2018 from the Shenyang Municipal People's Government, which in turn has the full control on the stake of Shenyang Jinbei Automotive that held by the AMC.[26]

In 2003, BMW and Brilliance Auto signed a deal for the production of BMW-branded sedans in China.[7]

In 2005, Brilliance planned an entry into the newly formed FIA World Touring Car Championship. However, the Brilliance WTCC program did not make the grid.[27][28]

From 2009 to 2011, the group was between the eighth-largest automaker in China.[29][30]

2010s to present

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In 2012, Brilliance Auto Group formed a joint venture Brilliance Shineray (Chinese: 华晨鑫源) in Chongqing with Shineray Group[31] to produce SWM[32] and Jinbei[31] brand automobiles. As of 2019, Shineray Group owned 80% stake of that joint venture. The rest is owned by 沈阳华益新汽车销售有限公司.[33] The latter is not part of the Brilliance Auto Group,[34][35] but the Group provides guarantee to some debt of that company.[36]

In 2013, Brilliance Auto formed a spin-off, Xinchen China Power Holdings Limited.[37]

In 2017, Brilliance Auto also formed another joint venture Renault Brilliance Jinbei with Renault.[38][39] The Brilliance Auto acquired the remaining 39.1% stake of Brilliance Jinbei from sister company Shenyang Jinbei Automotive,[40] and then Brilliance Auto re-sold 49% stake to Renault.[41]

In October 2018, BMW Brilliance, a 50:50 joint venture between BMW and Brilliance, was taken over by BMW by acquiring an additional 25% of available shares.[42][43]

In recent years, Brilliance Group has suffered from long-term poor management and its own brands have been in a state of loss. The main profit comes from BMW Brilliance, and the debt ratio remains high. In 2019, Brilliance Auto's net profit was RMB 7.626 billion. If the financial data of BMW Brilliance were removed, it would be a loss of RMB 1.334 billion. In the first half of 2020, Brilliance Auto's net profit was RMB 4.045 billion, of which BMW Brilliance contributed RMB 4.338 billion. Two credit rating agencies in mainland China, Dagong International and Oriental Jincheng, began to put Brilliance Bonds on their watch list in late August 2020. By late September, Brilliance's credit rating began to be downgraded. By late October, Brilliance's credit rating had been reduced from AAA to A+.[44][45]

In November 2020, Brilliance Auto's parent goes into bankruptcy administration,[46] and announced the default of corporate bonds worth more than CNY6.5 billion.[47] The bankruptcy administration is not affecting subsidiaries Brilliance Auto, Xinchen China Power, Shenhua Holdings, Shenyang Jinbei Automotive, or any of the joint ventures operated by the organization.[47]

On January 12, 2021, the Shanghai Stock Exchange issued a disciplinary decision to publicly condemn Brilliance Automotive Group Holding Co., Ltd. and its chairman and person in charge of information disclosure affairs.[48]

On December 30, 2021, Brilliance Renault Jinbei Automobile Co., Ltd. filed a new bankruptcy review case, and the handling court was the Shenyang Intermediate People’s Court of Liaoning Province.[49]

In June 2023, Brilliance Group stated that it had identified Shenyang Automobile Co., Ltd. as a potential investor in the reorganization. Information shows that Shenyang Automobile is a wholly-owned subsidiary of Shenyang Cairui Investment Co., Ltd. Caisheng Investment, a subsidiary of Shenyang Cairui Shengjing Financial Holdings, and Shenyang Metro Operation, a subsidiary of Shenyang Metro, each hold 50% of the shares. The actual controller is Shenyang State-owned Assets Supervision and Administration Commission. After the relevant procedures for reorganization are passed, the actual controller of Brilliance Auto will be changed from the Liaoning Provincial State-owned Assets Supervision and Administration Commission to the Shenyang Municipal State-owned Assets Supervision and Administration Commission.[50]

On September 15, 2023, FAW Car Vice President Liu Xuemin and former Vice President Liu Tongfu were suspected of serious violations of discipline and law and were both subject to disciplinary review and supervision investigation by the Liaoning Provincial Commission for Discipline Inspection and Supervision.[51]

Products

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Brilliance Auto Group and its subsidiaries sell passenger cars under the Brilliance marque

Brilliance products (produced under Brilliance Motor)

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Brilliance Auto logo until 2002

Latest products

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Earlier discontinued models

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  •  
    Brilliance FSV
  •  
    Brilliance M2
  •  
    Brilliance V3
  •  
    Brilliance V5
  •  
    Brilliance V6
  •  
    Brilliance V7

Huasong

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  •  
    Brilliance Huasong 7

Xinri

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  •  
    Brilliance Xinri i03

Joint ventures and alliances

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A BMW 5-Series LWB produced by BMW Brilliance

BMW Brilliance

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Main article: BMW Brilliance

In 2003, BMW and Brilliance agreed to make select products of this German luxury carmaker in China.[7] As of 2010, the joint venture makes the BMW 3 Series and BMW 5 Series and had plans to introduce the BMW X1 by 2012.[52] As of 2011, locally produced engines were slated to appear in some offerings soon, and the company had plans to bring up total production capacity to 300,000 by 2013.[53]

These vehicles may differ slightly from those sold in other markets under the same names. As of mid-2010 almost 60% of the components used to manufacture the China-built BMWs were imported to China.[52]

  •  
    BMW Brilliance 1-Series F52
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    BMW Brilliance 5-Series G38 Li
  •  
    BMW Brilliance X1-Series F49 Li

Brilliance Shineray

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Main article: SWM (automobiles)

Brilliance Shineray is a joint venture between Brilliance Auto Group and Shineray Motorcycle Company (Shineray Group), one of China's largest[citation needed] motorcycle producers. Shineray Group bought the Italian motorcycle brand, SWM (motorcycles), and started an automotive brand with the SWM nameplate. SWM now makes a range of crossovers and compact MPVs.[citation needed]

Key models include:

  •  
    SWM G01
  •  
    SWM X3
  •  
    SWM X7

Renault Brilliance Jinbei (Jinbei)

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Main article: Jinbei (marque)

Formerly a wholly-owned subsidiary (Shenyang Brilliance Jinbei Automotive) which sold licensed Toyota and General Motors designs, Jinbei was re-formed with Renault in 2017 with plans to launch light commercial vehicles and SUVs with Renault technology, under the Jinbei and Renault marques.

Key models include:

  •  
    Jinbei F50
  •  
    Jinbei Haixing X30
  •  
    Jinbei Tjatse S70

Operations

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BMW-branded autos are made at a production base in the Northeastern Chinese city of Shenyang completed in 2004, and ongoing construction saw this base increase its production capacity to 200,000 units/year by 2012.[54]

An engine-making production base is located in Mianyang, Sichuan province.[9]

Sales

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A total of 188,143 Brilliance marque vehicles were sold in China in 2013, making it the 25th largest-selling car brand in the country in that year (and the tenth largest-selling Chinese brand).[55]

European exports

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In 2007, Brilliance's BS6 sedan performed poorly in a crash test conducted by Germany's ADAC, receiving only one out of five possible stars in the Euro NCAP rating.[56] Brilliance then redesigned the car, changing at least sixty components, and it saw a three-star performance in a crash test performed by Spain's Idiada.[57] However, the price also rose considerably,[58] and the importer (HSO Motors) went bankrupt in November 2009.[59] Brilliance then tried to go it alone, but with high pricing and considerable market reluctance after the well-publicized crash test failures, exports to Europe were ended in April 2010 with no immediate plans for resumption.[60]

SAIPA

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Main article: SAIPA

In 2015, Brilliance announced it had started joint production with SAIPA of Iran, to produce the H300 and H200 models, under the local brand name of Saipa.[61]

References

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  1. ^ 2019 年年度报告 [2019 Annual Report] (PDF) (Report) (in Chinese (China)). Shenhua Holdings. April 30, 2020. Retrieved November 21, 2020 – via Shanghai Stock Exchange website.
  2. ^ a b "Directors, Senior Management and Company Secretary" (PDF). 2019 Annual Report (Report). Brilliance China Automotive Holding. April 27, 2020. p. 37. Retrieved November 21, 2020 – via hkexnews.hk.
  3. ^ "Management's Discussion & Analysis" (PDF). 2019 Annual Report (Report). Brilliance China Automotive Holding. April 27, 2020. p. 35. Retrieved November 21, 2020 – via hkexnews.hk.
  4. ^ a b "Report of Directors" (PDF). 2019 Annual Report (Report). Brilliance China Automotive Holding. April 27, 2020. p. 22. Retrieved November 21, 2020 – via hkexnews.hk.
  5. ^ 2019年度报告 [2019 Annual Report] (PDF) (in Chinese (China)). Huachen Automotive Group Holdings. 2020. Retrieved November 21, 2020 – via Shanghai Clearing House.[permanent dead link‍]
  6. ^ a b Leung, Alison; Li, Fion (October 16, 2009). "Exiled China tycoon in U.S. clean vehicle plan". Reuters.com. Hong Kong. Retrieved November 21, 2020.
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  8. ^ BRILL. CHINA AUT. DL-,01 Equity, ISIN BMG1368B1028, WKN 884968, CBA boerse-frankfurt.de
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  50. ^ "华晨重整协议"敲定"！投资交易对价不超过164亿元，沈阳汽车拟获三家上市公司控制权" [Brilliance's restructuring agreement "finalized"! The investment transaction consideration does not exceed 16.4 billion yuan, and Shenyang Automobile plans to obtain control of three listed companies.]. 每日经济新闻. June 19, 2023. Archived from the original on June 22, 2023. Retrieved June 21, 2023.
  51. ^ "华晨汽车集团副总裁刘学敏等2人接受审查调查" [Brilliance Automotive Group Vice President Liu Xuemin and two others are under investigation]. 第一财经. September 15, 2023. Retrieved September 17, 2023.
  52. ^ a b Brilliance China sees a "very satisfying" profit in 2010 Archived March 25, 2013, at the Wayback Machine reuters.com, Fri May 28, 2010 1:15 am EDT
  53. ^ Brilliance Interim Report 2011, p. 32
  54. ^ For Shenyang production base, see BMW and China partner in $735 mln mainland expansion reuters.com, Thu Nov 12, 2009 2:13 am EST
  55. ^ "2013 Passenger Vehicle Sales by Brand". China Auto Web. January 15, 2014. Retrieved March 4, 2014.
  56. ^ "Another Chinese Car Flunks German Crash Test". Reuters. July 22, 2007. Archived from the original on September 25, 2009.
  57. ^ Kujawska, Joanna (March 18, 2008). "Changes introduced by producer in Brilliance BS6". Autochiny. Archived from the original on September 4, 2011.
  58. ^ "Brilliance BS6 Not as Lethal as Before". ChinaCarTimes.com. September 13, 2007. Archived from the original on March 23, 2008.
  59. ^ Hadyś, Michał (November 7, 2009). "Europe is not for Brilliance, the Importer is Bankrupt". Autochiny. Archived from the original on September 4, 2011. Retrieved 2011-02-05.
  60. ^ "China Automaker Brilliance Halts Europe Exports, Executives Say". AutoWeek.com. Crain Communications. April 29, 2010.
  61. ^ Persian Khodro (May 19, 2015). "Brilliance to Start Production Iran". Persian Khodro. Retrieved May 20, 2015.
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