Guangzhou Automobile Group

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Guangzhou Automobile Group Company Limited
广州汽车集团股份有限公司
Type State-owned enterprise
Industry Automobile
Founded 1997[1]
Headquarters Guangzhou, Guangdong, China
Area served People's Republic of China
Key people Chairman: Mr. Zhang Fangyou

Guangzhou Automobile Group Co Ltd[2] (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 Honda-branded auto producing joint venture with that Japanese automaker.

In 2010 it was among the top ten most-productive Chinese carmakers[3] reaching number six[4] and selling 724,200 cars.[5]

Contents

[edit] History

Guangzhou Automobile Group Co Ltd was founded in 1997,[1] and by 2005[6] it had become a holding of Guangzhou Automobile Industry Group[7] and a joint-stock company.[2] As of 2009 it is the 6th largest automaker in China.[8]

[edit] IPO

Previously a backdoor listing via Denway Motors,[8] it is now publicly traded in its own right.

In 2010 shareholders of Denway Motors, at the time a listed company partially (37.9%) owned by Guangzhou Automobile Group,[8] approved its own privatization.[9] Denway Motors could then be delisted on 25 August 2010 and replaced by the listing of Guangzhou Automobile Group (SEHK: 2238) on 30 August 2010 via stock swap.[10]

[edit] Gonow acquisition

In late 2010 GAC purchased 51% ownership of Gonow, a private Chinese automaker.[11]

[edit] Joint ventures and subsidiaries

Guangzhou Automobile Group has part ownership of a number of automotive manufacturing companies.

[edit] Changfeng

Main article: Changfeng Automobile

As of 2009 Guangzhou Automobile Group has 29% ownership of this SUV-maker[12] its share purchase supposedly imposed by the Chinese State as a condition of an upcoming joint venture with Fiat.[13] This as-yet-unnamed Fiat joint venture will utilize Changfeng's production bases in Hunan Province.[13]

[edit] Mitsubishi joint venture

In early November 2010 Mitsubishi and Guangzhou Automobile Group signed a memorandum of understanding to set up a new equally-owned joint venture by restructuring Changfeng,[14] a Chinese auto-making company owned by both Mitsubishi and GAC, et al.

[edit] Guangqi Honda Automobile

Main article: Guangqi Honda Automobile

An equally-owned joint venture between Guangzhou Automobile Group and Honda,[15] it makes Honda-branded autos for the Southern Chinese market.

In 2011 it will debut its first China-only brand name, Everus.[16]

[edit] Guangzhou Automobile Group Autobus

A bus manufacturer using Isuzu technology,[17] it is equally owned by Guangzhou Automobile Group and Hong Kong China Lounge Investments.[17]

[edit] Guangzhou Peugeot Automobile

Main article: Guangzhou Peugeot Automobile Company

One of the first Sino-western joint venture auto-making companies,[18] 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[19] and 1997.[18] Over its eleven-year lifespan,[20] the company only recorded production of 100,000 cars.[20]

Fleet sales began in 1989[citation needed] and its model line comprised the Peugeot 505 and 504.[21]

[edit] GAC Fiat Automobiles Co Ltd

Fiat signed on to a joint venture with Guangzhou Automobile Group on 6 July 2009,[22][23] and GAC FIAT Automobiles Co Ltd was incorporated on 9 March 2010.[24] The new company will have a production base in Changsha, Hunan Province,[25] which is expected to become operational in July 2012[26] and manufacture the Linea sedan.[23]

Production capacity will increase to 250,000 vehicles, 300,000 engines per year from an initial 140,000 vehicles and 220,000 engines.[25]

[edit] References

  1. ^ a b Milestones Guangzhou Automobile Industry Group Official Site
  2. ^ a b Home > About us > Company Profile Guangzhou Automobile Group Co Ltd Official Site
  3. ^ Sales surge, but congestion concerns rise people.com.cn, November 15, 2010
  4. ^ GAC listed after 8-year marathon people.com.cn, September 06, 2010
  5. ^ China Car Market 101: Who Makes All Those 18 Million Cars? thetruthaboutcars.com, January 19, 2011
  6. ^ Company Profile Guangzhou Automobile Group Official Site (Text-only Google cache)
  7. ^ Guangzhou Automobile Group Co., Ltd. businessweek.com, Company Snapshot
  8. ^ a b c HK float for Guangzhou Auto chinadaily.com.cn, 2010-January-23
  9. ^ "Denway Motors gets nod for privatisation". Reuters.com. http://www.reuters.com/article/idUSTOE66F07120100716. Retrieved 2010-10-25. 
  10. ^ Chiu, Joanne (2010-07-16). "Denway Motors's Shareholders Approve Share Swap". Online.wsj.com. http://online.wsj.com/article/SB10001424052748704913304575370352299056516.html. Retrieved 2010-10-25. 
  11. ^ GAC Gonow reveals next five-year plan globaltimes.cn, March/21/2011
  12. ^
  13. ^ a b Mainland carmakers to merge with rivals and stop overcapacity Kandy Wong. South China Morning Post. Hong Kong: Jan 30, 2010.
  14. ^ "Mitsubishi, GAC Sign Joint Venture MOU, to Build ASX Compact SUV". ChinaAutoWeb.com. http://chinaautoweb.com/2010/11/mitsubishi-gac-sign-joint-venture-asx-suv/. 
  15. ^ China's Guangqi Honda at 95 pct of 2009 sales target reuters.com, Sun Nov 22, 2009 8:30pm EST
  16. ^ UPDATE 1-Honda targets China sales of 730,000 units in 2011 reuters.com, Fri Dec 17, 2010 1:05am EST
  17. ^ a b About Guangzhou Automobile Group Autobus Official Site
  18. ^ 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.
  19. ^ China CEO: a case guide for business leaders in China (page 78) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
  20. ^ 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.
  21. ^ Changing lanes in China: foreign direct investment, local government, and auto sector development (page 138) Eric Thun. Cambridge University Press, 2006. 326 pages.
  22. ^ http://www.gacfiatauto.com/
  23. ^ a b Fiat Focuses on China businessweek.com, July 7, 2009, 12:14PM EST
  24. ^ Company Profile GAC Fiat Official Site
  25. ^ a b GAC-Fiat ceremony heralds joint venture Han Tianyang (China Daily) 2009-11-30 08:03
  26. ^ Parts for Toyota, Honda's south China JVs enough till mid-April reuters.com, Wed Mar 23, 2011 2:45am EDT

[edit] External links

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