GAC Group
| File:Gacgroup.png | |
| Company type | State-owned enterprise |
|---|---|
| Industry | Automobile |
| Founded | 1997[1] |
| Headquarters | , |
Area served | People's Republic of China |
Key people | Chairman: Mr. Zhang Fangyou |
Guangzhou Automobile Group Co Ltd (Chinese: 广州汽车集团股份有限公司), (SEHK: 2238) is a Chinese automobile maker and a subsidiary of Guangzhou Automobile Industry Group, a holding company.
Guangzhou Automobile Group is currently known for its joint ventures with Honda, Toyota and Mitsubishi.
In 2010 it was among the top ten most-productive Chinese carmakers[2] reaching number six.[3]
History
Guangzhou Automobile Group Co Ltd was founded in 1997,[1][4] and by 2005[5] it had become a holding of Guangzhou Automobile Industry Group[4] and a joint-stock company.[6] As of 2009 it is the 6th largest automaker in China.[7]
IPO
Previously a backdoor listing,[7][8][9][10] it is now publicly traded in its own right.
In 2010, shareholders of Denway Motors, prior a listed company holding Guangzhou Automobile Group ownership,[citation needed] approved its own privatization.[11] Denway Motors was then delisted on 25 August 2010, replaced by the listing of Guangzhou Automobile Group (SEHK: 2238) on 30 August 2010 via stock swap.[11][12]
Joint ventures and subsidiaries
GAC Passenger Car
The first GAC-brand passenger car, Trumpchi sedan, was released in late 2010. [13]
Guangzhou Automobile Group has part ownership in a number of automotive manufacturing companies.
Changfeng
As of 2009, Guangzhou Automobile Group has 29% ownership in this SUV-maker[14][15][16] its share purchase supposedly imposed by the Chinese State as a condition of an upcoming joint venture with Fiat.[17] This as-yet-unnamed Fiat joint venture will utilize Changfeng's production bases in Hunan Province.[17]
Mitsubishi joint venture
In early November, 2010, Mitsubishi and Guangzhou Automobile Group signed a memorandum of understanding to set up a new 50/50 joint venture by restructuring Changfeng,[18] a company both Mitsubishi and GAC hold ownership in.
Guangqi Honda Automobile
A 50/50 joint venture between Guangzhou Automobile Group and Honda,[8][19] it makes Honda-branded autos for the Southern Chinese market.
In 2011 it will debut its first China-only brand name, Everus.[19]
Guangzhou Automobile Group Autobus
A bus manufacturer using Isuzu technology,[20] it is equally owned by Guangzhou Automobile Group and Hong Kong China Lounge Investments.[20]
Guangzhou Peugeot Automobile
One of the first foreign-Chinese joint auto-making companies,[21][22] Guangzhou Peugeot Automobile Co Ltd is a failed joint venture set up through negotiation by PSA Peugeot Citroën and the Guangzhou Municipal government, which existed between 1985[23] and 1997.[22] Over its eleven-year lifespan,[24] the company only recorded production of 100,000 cars.[24][25]
Fleet sales began in 1989[citation needed] and its model line comprised the Peugeot 505 and 504.[26][27][25]
Unnamed Fiat joint venture
Fiat signed on to a joint venture with Guangzhou Automobile Group on July 6, 2009.[28] The new company will have a production base in Hunan Province, which is expected to become operational in 2011 and manufacture the Linea sedan.[28]
References
- ^ a b Milestones Guangzhou Automobile Industry Group Official Site
- ^ Sales surge, but congestion concerns rise people.com.cn, November 15, 2010
- ^ GAC listed after 8-year marathon people.com.cn, September 06, 2010
- ^ a b Guangzhou Automobile Group Co., Ltd. businessweek.com, Company Snapshot
- ^ Company Profile Guangzhou Automobile Group Official Site
- ^ Home > About us > Company Profile Guangzhou Automobile Group Co Ltd Official Site
- ^ a b China's Guangqi Honda at 95 pct of 2009 sales target reuters.com, Sun Nov 22, 2009 8:30pm EST
- ^ JOINT ANNOUNCEMENT Pursuant to Rule 3.7 of the Code on Takeovers and Mergers irasia.com
- ^ Announcements Denway Motors Official Site
- ^ a b "Denway Motors gets nod for privatisation". Reuters.com. Retrieved 2010-10-25.
- ^ Chiu, Joanne (2010-07-16). "Denway Motors's Shareholders Approve Share Swap". Online.wsj.com. Retrieved 2010-10-25.
- ^ "New Models from the 2010 Guangzhou Auto Show (1): GAC Trumpchi". ChinaAutoWeb.com.
- ^ UPDATE 1-Guangzhou Auto to buy into Changfeng Motor -source reuters.com, Tue May 19, 2009 3:24am EDT
- ^ UPDATE 2-Changan Auto claims China's No.3 spot with AVIC deal reuters.com, Tue Nov 10, 2009 4:55am EST
- ^ "Guangzhou Auto buys 29% of Changfeng Auto". China Car Times. 2009-05-20. Retrieved 2010-11-17.
- ^ a b Mainland carmakers to merge with rivals and stop overcapacity Kandy Wong. South China Morning Post. Hong Kong: Jan 30, 2010.
- ^ "Mitsubishi, GAC Sign Joint Venture MOU, to Build ASX Compact SUV". ChinaAutoWeb.com.
- ^ a b UPDATE 1-Honda targets China sales of 730,000 units in 2011 reuters.com, Fri Dec 17, 2010 1:05am EST
- ^ a b About Guangzhou Automobile Group Autobus Official Site
- ^ China CEO: a case guide for business leaders in China (page 91) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
- ^ a b Changing lanes in China: foreign direct investment, local government, and auto sector development (page 137) Eric Thun. Cambridge University Press, 2006. 326 pages.
- ^ China CEO: a case guide for business leaders in China (page 78) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
- ^ a b China CEO: a case guide for business leaders in China (page 86) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
- ^ a b China Division: PSA Peugeot Citroën in China; NEWS KIT PSA Peugeot Citroën Official Site, April 2010
- ^ China CEO: a case guide for business leaders in China (page 79) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
- ^ Changing lanes in China: foreign direct investment, local government, and auto sector development (page 138) Eric Thun. Cambridge University Press, 2006. 326 pages.
- ^ a b Fiat Focuses on China businessweek.com, July 7, 2009, 12:14PM EST
