(Updates with more details)
HONG KONG, June 28 (Reuters) - China's largest minibus maker, Brilliance China , said on Friday sales in the second quarter had improved but it had yet to receive formal approval to proceed with a long-awaited joint venture with Germany's BMW AG .
"Second quarter sales were very good and year on year are about the same, and much better than Q1," newly-appointed chairman Wu Xiaoan told reporters at the company's annual general meeting in Hong Kong.
The firm said sales for the second quarter ending in June were about 30 percent higher than in the first quarter, but it did not give actual figures or further details.
Wu was named boss of the firm last week after the company stunned investors by replacing its high-profile chairman, chief executive officer and president Yang Rong, saying his goals and views were no longer in line with those of shareholders.
Analysts said the improvement in sales in the second quarter was likely due to promotions the firm was offering in a bid to offset fierce competition in the mainland auto market.
Brokerage DBS Vickers Securities had estimated first quarter minibus sales fell 28 percent on year to 11,000 vehicles because of the "weak market and intensified competition".
Brilliance China officials also said they have yet to receive word from the government on their proposed venture with BMW to make luxury cars, contrary to recent media reports.
The official People's Daily Web site said last week that BMW had received preliminary approval from the Chinese government.
"We haven't received formal approval...but we are very optimistic about it," said vice-chairman Hong Xing, who oversees the BMW venture.
Brilliance and BMW have been waiting for more than a year for official approval of the project.
Brilliance shares have tumbled more than 19 percent in the last three months on investor concerns over the project's delay, price wars in China's increasing competitive auto market and the media reports about government probes into former chairman Yang.
The stock was up 2.83 percent at HK$1.09 by late morning on Friday, but is still down more than 26 percent in the last month.
FORMER CHAIRMAN A NO-SHOW
Yang, who remains a director of the firm, did not attend Friday's meeting.
Prior to his replacement, the company had repeatedly denied reports that he was under investigation.
On Friday, the company stuck by its previous announcement about the management reshuffle and refused to specify why Yang had been replaced.