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.
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
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.
History
Origins
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
On 9, June 1992, a subsidiary, Brilliance China Automotive Holding Limited was incorporated in
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[update], 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[update], 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
In 2001, Shenhua Holdings agreed to acquire the shares of Shenyang Jinbei Automotive that held by Shenyang Automobile Industry AMC,
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]
From 2009 to 2011, the group was between the eighth-largest automaker in China.[29][30]
2010s to present
In 2012, Brilliance Auto Group formed a joint venture Brilliance Shineray (
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 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 November 2020, Brilliance Motor, Branded by Brilliance Auto Group, went into bankruptcy administration,
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.[46] 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.[47]
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.[46]
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]
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.
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.[48]
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).[49]
European exports
In 2007, Brilliance's
Idiada.[51] However, the price also rose considerably,[52] and the importer (HSO Motors) went bankrupt in November 2009.[53] 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.[54]
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.[55]
References
^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.
^"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.
^ ab"Report of Directors"(PDF). 2019 Annual Report (Report). Brilliance China Automotive Holding. April 27, 2020. p. 22. Retrieved November 21, 2020 – via hkexnews.hk.
^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.
^"2012年12月分车型前十家生产企业销量排名". China Association of Automobile Manufacturers (CAAM). January 14, 2013. Archived from the original on January 15, 2013. Retrieved January 15, 2013. Please note that in order to reach the 944K figure you must total the output of Brilliance (华晨) as well as Jinbei (金杯)
^2019 年年度报告 [2019 Annual Report] (PDF) (Report) (in Chinese (China)). Shenyang Jinbei Automotive. April 30, 2020. p. 45. Retrieved November 21, 2020 – via Shanghai Stock Exchange website.
^华晨金杯汽车有限公司背景资料. auto.sina.com.cn (in Chinese (China)). April 14, 2003. Retrieved November 22, 2020.
^1995年年度报告摘要 [Extract of 1995 Annual Report] (Report) (in Chinese (China)). Shenyang Jinbei Automotive. April 30, 1996. Retrieved November 21, 2020 – via jrj.com.cn.
^2000年年度报告(PDF) (Report) (in Chinese (China)). Shenyang Jinbei Automotive. 2001. Retrieved November 21, 2020 – via Shanghai Stock Exchange website.
^ ab2001年年度报告(PDF) (Report) (in Chinese (China)). Shenyang Jinbei Automotive. 2002. Retrieved November 21, 2020 – via Shanghai Stock Exchange website.
^2018 年年度报告 [2018 Annual Report] (PDF) (Report) (in Chinese (China)). Shenyang Jinbei Automotive. March 30, 2019. p. 9. Retrieved November 21, 2020 – via Shanghai Stock Exchange website.
^"2011年1-11月前十家汽车生产企业销量排名". China Association of Automobile Manufacturers (CAAM). December 16, 2011. Archived from the original on January 5, 2012. Retrieved January 7, 2012.
^ ab公司简介 [Company Profile] (in Chinese (China)). Brilliance Shineray. Archived from the original on February 22, 2020. Retrieved November 21, 2020.
^王海宣 (August 8, 2020). 斯威汽车的“神奇生存”:边缘品牌如何求生. eeo.com.cn (in Chinese (China)). Retrieved November 21, 2020.
^The Board of Directors (August 28, 2020). 关于与华晨鑫源重庆汽车有限公司重新签订《注册商标使用许可合同》公告(PDF) (Press release). Shenyang Jinbei Automotive. Retrieved November 22, 2020 – via Shanghai Stock Exchange website.
^公开发行2020年公司债券(面向合格投资者)(第一期)募集说明书摘要(PDF) (Press release) (in Chinese (China)). Huachen Automotive Group Holdings. January 10, 2020. Retrieved November 22, 2020 – via Shanghai Stock Exchange website.
^王媛媛 (August 29, 2020). 华晨集团陷入债务危机,顺带“坑”了主承销商天风证券?. 21jingji.com (in Chinese (China)). Retrieved November 22, 2020.
^天风证券股份有限公司涉及重大诉讼的公告(PDF) (in Chinese (China)). TF Securities. August 26, 2020. Retrieved November 22, 2020 – via Shanghai Stock Exchange website.