Brilliance China Automotive Holdings, which has a joint venture production agreement with BMW, has slashed its sales targets and vowed to cut costs in the face of plunging sales figures. Chairman Wu Xiaoan said the H share listed company had cut targets for its Jinbei brand minibus by 16.5% to 71,000 units, its Zhonghua models by 40% to 15,000 units and BMW models by 44.5%, to 10,000. He said credit tightening had hit the purchasing power of many consumers, while others were taking a wait-and-see approach, assuming prices would fall yet further. The company said it would focus on adjusting personnel costs, but had no plans to reduce prices. In total Brilliance plants have a capacity to produce 200,000 vehicle units per year, although at present less than half that capacity is used.