DETROIT -- Brilliance China Automotive Holdings Ltd. warned on Friday that its 2004 earnings will be hurt by a "significant" slowdown in Chinese vehicle sales and intensified price competition.
Shares of Brilliance, which is the Chinese joint-venture partner of German automaker BMW AG, fell 20 percent on the New York Stock Exchange.
The largest minibus maker in China, which was the first mainland company to be listed on the NYSE in 1992, also said it may take a charge for the impairment of intangible assets involving its Zhonghua sedan.
Brilliance said it is not able to quantify the full financial impact of the various factors, but expects to announce its 2004 results in late April.
The general slowdown of the auto industry in China has intensified price competition among manufacturers, decreasing Brilliance's sales and profit margin, particularly for the Zhonghua sedan, the company said in a statement.
The sedan division will be posting an operational loss because of poor sales of the Zhonghua car, Brilliance said.