Brilliance China announced today that Shenyang Brilliance Jinbei Automotive Co. would sell its 51% stake in Brilliance's own-brand Zhonghua sedan operations to Brilliance Auto Group for 494 million yuan ($72.33 million), sina.com said, citing an insider.

The source said the move is part of the strategic planning of Brilliance Auto, the Chinese partner of BMW. In the future, Brilliance will have separate operations of its two brands Brilliance Zhonghua and Brilliance Jinbei, which will also have different dealership networks. This plan has reportedly got regulatory approval.

After selling its shares in the Brilliance's passenger car business, Jinbei will focus on making light buses and medium-size commercial vehicles and prepare for the R&D of heavy-duty truck products. The proceeds from the stake sale will be used for Jinbei's light bus business and the joint venture with BMW.

Brilliance China makes cars under its Zhonghua brand and builds vans, small buses and light trucks under the Jinbei brand. With new models launched, sales of its Zhonghua-branded cars and Jinbei-badged vehicles grew 28% and 21%, respectively, from a year earlier in the first nine months of this year.

Shenyang Brilliance Jinbei Automotive Co., once a pioneer among own brand Chinese automakers, is now losing market share in the fast growing domestic market, Automotive News said earlier this week.