Special Report:Global Financial Crisis
SHENYANG, Jan. 29 (Chinese media) -- Brilliance Auto, the seventh largest
automaker in China in terms of sales, aims to double its sales revenue to reach
80 billion yuan (11.7 billion U.S. dollars) in 2010, the company said Thursday.
Qi Yumin, board chairman of the company, said Thursday that the automobile
industry would see opportunities in light of the government-planned stimulus
measures to boost the ailing sector.
The government will lower the purchase tax on cars under 1.6 liters from 10
percent to 5 percent from Jan. 20 to Dec. 31 and earmark 10 billion yuan as a
special fund in the coming three years to support auto companies to upgrade
technologies.
It will also provide one-off allowances to farmers to upgrade their
three-wheeled vehicles and low-speed trucks.
"The home brands will benefit a lot from these measures," Qi said.
The company sold more than 285,000 vehicles last year and saw a sales
revenue of 41 billion yuan. It expects to sell 500,000 vehicles and 500,000
engines in 2010.
The company began the construction of a factory, which would be able to
produce 150,000 vehicles annually, with an investment of 3 billion yuan last
week in Shenyang, capital of the northeastern Liaoning Province.
The factory alone is expected to add 15 billion yuan to the company's sales
revenue every year, according to Qi.
Chinese automakers reported a 6.7-percent rise in sales in 2008 compared
with the previous year, the lowest rise in 10 years, according to China
Association of Automobile Manufacturers.
The industry group expected the growth rate of auto sales to drop to 5
percent this year as consumer confidence waned with a slowing economy.
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