Jan. 18, 2012 (China Knowledge) - Chongqing Changan Automobile Co Ltd<000625><200625>, a leading domestic automaker, said yesterday that it plans to issue up to RMB 2 billion of corporate bonds to replenish its working capital.

The automaker said in a statement filed with the Shenzhen Stock Exchange that the bonds will have a maturity of between three years and seven years.

In early December last year, the company announced plans to repurchase the B shares worth HK$610 million.

Changan Auto's vehicle sales fell 10.14% year on year to 1.66 million units in 2011. The decline was larger than the 6.02% dropped in the first three quarters of 2011.

The company produced about 1.66 million vehicles last year, down 10.84% year on year.