GAC Group

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Guangzhou Automobile Group Co., Ltd.
Type State-owned enterprise
Industry Automotive
Founded 1997[1]
Headquarters Guangzhou, Guangdong, China
Area served China
Key people Mr. Zhang Fangyou (Chairman)
Products Commercial vehicles
Passenger cars
Buses
Automotive components
Services Vehicle leasing
After-sale services
Vehicle finance
Revenue CN¥12,964 million (2012)[2]
Net income CN¥1,134 million (2012)[2]
Parent Guangzhou Automobile Industry Group
Divisions Trumpchi
Subsidiaries Denway Motors
GAC Bus
GAC Changfeng Motor
GAC Gonow (51%)
Website http://www.gagc.com.cn/2012english
GAC Group
Simplified Chinese 广州汽车集团股份有限公司
Literal meaning Guangzhou Automobile Group Co., Ltd.

GAC Group (officially Guangzhou Automobile Group Co., Ltd.[3]) (SEHK2238, SSE: 601238) is a Chinese automobile maker headquartered in Guangzhou, and a subsidiary of Guangzhou Automobile Industry Group.

GAC sells passenger cars under the Trumpchi brand, passenger cars and commercial vehicles under the Gonow brand, SUVs under the Changfeng Motor brand, and buses under the GAC Bus brand. GAC produced 728,000 vehicles in 2012, the tenth largest output of any Chinese automaker in that year. In the same year it was the sixth-largest producer of passenger cars among Chinese automakers.[4] While the company is primary focused on consumer vehicles, it does make large passenger buses and commercial trucks[5] although it is outside the top ten commercial vehicle makers in China.[4]

GAC is currently known for its Honda-branded auto producing joint venture with this Japanese automaker, but the company has a total of five foreign partners—more than most Chinese automakers. These partnerships allow it to produce foreign-branded products for sale in China. These brands include: Fiat, Honda, Isuzu, Mitsubishi, and Toyota. Other brand names associated with GAC are Everus, for consumer vehicles, and Hino.

History[edit]

Guangzhou Automobile Group Co., Ltd. was founded in 1997,[1] and in 2005[6] become a holding of Guangzhou Automobile Industry Group[7] and a joint-stock company.[3] As of 2009 it was the 6th-largest automaker in China.[8]

In 2009, the company acquired 29% of the Chinese sport-utility vehicle maker Changfeng Automobile, becoming its biggest shareholder.[9] GAC purchased the remaining portion of Changfeng in 2011 completing its acquisition of the company.[10]

Previously a backdoor listing via Denway Motors,[8] GAC became listed under its own name on the Stock Exchange of Hong Kong in 2010.[9] In that year shareholders of Denway Motors approved its privatization by GAC.[11] Denway Motors was subsequently delisted on 25 August 2010 and replaced by Guangzhou Automobile Group (SEHK2238) on 30 August 2010 via stock swap.[9]

In late 2010 GAC purchased 51% ownership of Gonow, a midsize Chinese automaker of sport-utility vehicles, subcompacts, and pickup trucks.[9][12]

In December 2010 GAC launched the new Trumpchi marque. Its initial product was based on the Alfa Romeo 166.[13][14]

In 2010 GAC was among the ten largest Chinese carmakers[15] reaching number six[16] and selling 724,200 vehicles.[17]

2011 saw the company retain its position as the sixth-largest Chinese automaker by production volume, with GAC making 740,400 vehicles in that year.[18]

In early 2012, the company was listed on the Shanghai Stock exchange.[19]

Subsidiaries and divisions[edit]

Changfeng Motor[edit]

Main article: Changfeng Motor

In 2009 GAC owned 29% ownership of this SUV-maker[20][21] a purchase supposedly imposed by the Chinese State as a condition of a then-upcoming joint venture with Fiat.[22] GAC completed its acquisition of Changfeng in 2011.[10]

A Changfeng Flying 

Gonow[edit]

Main article: Gonow

Gonow (officially Zhejiang Gonow Auto Co., Ltd.) is a Chinese manufacturer of automobiles, commercial vehicles and SUV's headquartered in Taizhou, Zhejiang and a subsidiary of GAC Group. It markets its products under the brand name GAC Gonow in China and as Gonow in other markets.

A Gonow GA200 

Trumpchi[edit]

Main article: Trumpchi

Trumpchi is an automotive marque owned by GAC Group which was launched in December 2010. The following Trumpchi vehicles are currently available in China:

  • Trumpchi GA5, a four-door mid-size saloon car available in 1.8 litre and 2.0 litre petrol versions; and
  • Trumpchi GS5, a five-door sport utility vehicle
A Trumpchi GA5 
A Trumpchi GS5 

Current joint ventures[edit]

GAC Fiat[edit]

Main article: GAC Fiat

Fiat signed on to a joint venture with GAC on 6 July 2009,[23][24] and GAC FIAT Automobiles Co Ltd was incorporated on 9 March 2010.[25] The new company has a production base in Changsha, Hunan Province,[26] that opened on 28 June 2012[27] to manufacture the Dodge-Dart -based Fiat Viaggio.[28]

A Fiat Viaggio 

Guangqi Honda[edit]

Main article: Guangqi Honda

Guangqi Honda is a 50:50 joint venture between GAC and Honda,[29] which has been making a number of Honda-branded vehicles for the Chinese market since 1999. In 2011 it started sales of its own brand, Everus.[30]

An Everus S1 

GAC Mitsubishi[edit]

GAC Mitsubishi Motors is a joint venture between GAC and the Japanese automaker Mitsubishi. It became operational in September 2012 following a late 2010 memorandum of understanding.[31]

GAC Toyota[edit]

Main article: GAC Toyota

GAC Toyota Motor Co., Ltd. is a 50:50 joint venture between GAC and Toyota Motor Company which manufactures Toyota vehicles for the Chinese market. It was founded in 2004 and is headquartered in Guangzhou.[32]

A Toyota Camry VII produced by GAC Toyota 

Former joint ventures[edit]

Guangzhou Isuzu[edit]

Guangzhou Isuzu Bus Co Ltd was a coach manufacturing joint venture between GAC (51%), Isuzu Motors (33.67%) and Isuzu (China) Investment Co., Ltd. (15.33%) that was established on 6 March 2000.[33] Isuzu light trucks and buses were also built by Guangzhou Yangcheng Automobile (羊城汽车), a joint venture with Hong Kong China Lounge Logistics. Their light trucks are based on the Isuzu Elf and are marketed under the "YCACO" brand. Yangcheng's various bus building operations were merged with Guangzhou Isuzu Bus and Denway into the Guangzhou Bus Co. Ltd. in September 2008.[34] At the same time, Guangzhou Yangcheng's truck making arm was merged into Guangzhou Hino.[34]

Ycaco YC1045CSZ 

Guangzhou Peugeot Automobile[edit]

One of the first Sino-western joint venture auto-making companies,[35] Guangzhou Peugeot Automobile Co Ltd was a joint venture set up by PSA Peugeot Citroën and the Guangzhou Municipal government between 1985[36] and 1997.[35] Over its eleven-year lifespan,[37] the company produced about 100,000 cars.[37]

Sales began in 1989 mainly as automobiles for government officials and taxis.[38] Its model line comprised the Peugeot 505 and 504.[39]

A crew cab Peugeot 504 pickup produced by Guangzhou Peugeot 

Sponsorships[edit]

GAC was the sponsor of the 2011 World Table Tennis Championships held in Rotterdam and the title sponsor of the 2012 ITTF World Tour.[40]

GAC was the title sponsor of the 2013 World Team Cup Table Tennis tournament held in its home city of Guangzhou.[40]

References[edit]

  1. ^ a b Milestones Guangzhou Automobile Industry Group Official Site
  2. ^ a b "Annual Report 2012". Guangzhou Automobile Group Co., Ltd. 2012. Retrieved 2014-02-18. 
  3. ^ a b Home > About us > Company Profile Guangzhou Automobile Group Co Ltd Official Site
  4. ^ a b "2012年12月分车型前十家生产企业销量排名". China Association of Automobile Manufacturers (CAAM). 2013-01-14. Retrieved 2013-01-15. 
  5. ^ "Commercial Vehicles". gaig.com.cn. Guangzhou Automobile Industry Group. Retrieved 7 October 2013. 
  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 "HK float for Guangzhou Auto". 1HangZhou. 2010-01-23. Retrieved 2013-01-13. 
  9. ^ a b c d Joanne Chiu and Norihiko Shirouzu (2010-07-16). "Denway Motors's Shareholders Approve Share Swap". The Wall Street Journal. 
  10. ^ a b Lee, Carmen (February 10, 2012). "GAC Group's application to acquire Changfeng gains written approval". Automotive News. gasgoo.com. Retrieved June 23, 2012. 
  11. ^ "Denway Motors gets nod for privatisation". Reuters.com. 2010-07-16. Retrieved 2010-10-25. 
  12. ^ "GAC Gonow reveals next five-year plan". globaltimes.cn. 2011-03-21. Retrieved 2012-04-14. 
  13. ^ "GAC's first own-brand car". People's Daily. 2010-09-06. Retrieved 2012-04-27. 
  14. ^ "Guangzhou Auto Show: Guangzhou Auto Trumpchi Listed & Priced". Car News China. 2010-12-20. Retrieved 2012-04-27. 
  15. ^ "Sales surge, but congestion concerns rise". people.com.cn. 2010-11-15. Retrieved 2012-04-14. 
  16. ^ "GAC listed after 8-year marathon". people.com.cn. 2010-09-06. Retrieved 2012-04-14. 
  17. ^ "China Car Market 101: Who Makes All Those 18 Million Cars?". thetruthaboutcars.com. 2011-01-19. Retrieved 2012-04-14. 
  18. ^ "2011年前十家乘用车生产企业销量排名" [2011 Top Ten Automobile Manufacturers by Sales]. China Association of Automobile Manufacturers (CAAM). 2012-01-20. 
  19. ^ "Guangzhou Auto floats on SSE, completes dual-listing". China Economic Review. 2012-03-30. 
  20. ^ Fang Yan; Edmund Klamann (2009-05-19). "UPDATE 1-Guangzhou Auto to buy into Changfeng Motor". reuters.com. Retrieved 2012-04-14. 
  21. ^ Fang Yan; Jacqueline Wong (2009-11-10). "UPDATE 2-Changan Auto claims China's No.3 spot with AVIC deal". reuters.com. Retrieved 2012-04-14. 
  22. ^ Wong, Kandy (2010-01-30). "Mainland carmakers to merge with rivals and stop overcapacity". South China Morning Post (Hong Kong). 
  23. ^ "广汽菲亚特" [Guangzhou Automobile Fiat]. Gacfiatauto.com. 2012-04-03. Retrieved 2012-04-13. 
  24. ^ Rowley, Ian (2009-07-07). "Fiat Focuses on China". businessweek.com. 
  25. ^ Company Profile GAC Fiat Official Site
  26. ^ GAC-Fiat ceremony heralds joint venture Han Tianyang (China Daily) 2009-11-30 08:03
  27. ^ "Fiat opens new Chinese plant to produce Viaggio". MSNBC. 2012-06-28. Retrieved 2012-07-10. 
  28. ^ "2013 Fiat Viaggio". Car and Driver. 2012-04. Retrieved 2012-07-10.  Check date values in: |date= (help)
  29. ^ Leung, Alison (2009-11-22). "China's Guangqi Honda at 95 pct of 2009 sales target". reuters.com. Retrieved 2013-01-13. 
  30. ^ Kim, Chang-Ran (2010-12-17). "Honda targets China sales of 730,000 units in 2011". reuters.com. Retrieved 2013-01-13. 
  31. ^ For start of operations, see "Production and Sales of Pajero Sport Midsize SUV Begins in China". Press Release. Mitsubishi Motors. September 30, 2013. Retrieved 10 October 2013. 
  32. ^ "GAC-Toyota rolls off one millionth car in China". China Automotive Review. 2011-09-08. Retrieved 2012-04-12. 
  33. ^ "Guangzhou Isuzu Bus Co., Ltd.". GAC Group. Retrieved 2012-04-12. 
  34. ^ a b "Guangzhou Auto's bus company unveiled". China Daily. 2008-09-18. Retrieved 2014-01-08. 
  35. ^ 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.
  36. ^ China CEO: a case guide for business leaders in China (page 78) Juan Antonio Fernandez, Liu Shengjun. John Wiley and Sons, 2007. 286 pages.
  37. ^ 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.
  38. ^ Fernandez and Liu, p. 79
  39. ^ Changing lanes in China: foreign direct investment, local government, and auto sector development (page 138) Eric Thun. Cambridge University Press, 2006. 326 pages.
  40. ^ a b "GAC Group deepens table tennis commitment". SportsPro. 2012-05-14. Retrieved 2012-05-17. 

External links[edit]