GAC Group explained

Guangzhou Automobile Group
Co., Ltd.
Type:Public
Traded As:HKEX:,
Location City:Guangzhou, Guangdong
Location Country:China
Key People:Zeng Qinghong (Chairman) (acting)
Area Served:China
Industry:Automotive
Products:Commercial vehicles
Passenger cars
Buses
Automotive components
Production:2,100,000 units (2021) [1]
Services:Vehicle leasing
After-sale services
Vehicle finance
Revenue: (2012)[2]
Net Income: (2012)
Parent:Guangzhou Automobile Industry Group

Guangzhou Automobile Group Co., Ltd. (GAC Group) is a Chinese state-owned automobile manufacturer headquartered in Guangzhou, Guangdong. Founded in 1954, it is currently the fifth largest automobile manufacturer in China, with 2.144 million sales in 2021.

The company produces and sells vehicles under its own branding, such as Trumpchi, Aion, Hycan as well as under foreign-branded joint ventures such as GAC Toyota, and GAC Honda. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Aion and Hycan. It produces buses under the GAC Bus brand. Other brand names associated with GAC are Everus, for consumer vehicles, and Hino.

In 2021, GAC was the fourth largest Chinese plug-in electric vehicle manufacturer in the Chinese market, with 4% of market share.[3] It sold 123,660 units of EVs in 2021, and over 20,000 units in March 2022, with plans to double EV production capacity to 400,000 a year by December 2022.[4] [5] [6]

History

Guangzhou Automobile Group Co., Ltd. was founded in 1955,[7] and in 2005[8] become a holding of Guangzhou Automobile Industry Group[9] and a joint-stock company.[10] As of 2009 it was the 6th-largest automaker in China.[11]

In 2009, the company acquired 29% of the Chinese sport-utility vehicle maker Changfeng Automobile, becoming its biggest shareholder. GAC purchased the remaining portion of Changfeng in 2011 completing its acquisition of the company.[12]

Previously a backdoor listing via Denway Motors,[11] GAC became listed under its own name on the Stock Exchange of Hong Kong in 2010.[13] In that year shareholders of Denway Motors approved its privatization by GAC.[14] Denway Motors was subsequently delisted on 25 August 2010 and replaced by Guangzhou Automobile Group (HKEX:) on 30 August 2010 via stock swap.[13]

In late 2010 GAC purchased 51% ownership of Gonow, a midsize Chinese automaker of sport-utility vehicles, subcompacts, and pickup trucks.[13]

In December 2010 GAC launched the new Trumpchi marque. Its initial product was based on the Alfa Romeo 166.[15] [16]

In 2010 GAC was among the ten largest Chinese carmakers[17] reaching number six[18] and selling 724,200 vehicles.[19] 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.[20]

In early 2012, the company was listed on the Shanghai Stock exchange.[21]

On 17 November 2023. GAC Group announced the independent development of key technologies, including all-solid-state batteries, cobalt-free batteries, low-cobalt batteries, and sodium-ion batteries. The company aims to achieve the integration of all-solid-state batteries into automobiles by 2026.[22] [23]

In 2023 the company developed the first ammonia powered engine for cars.[24] [25]

Brands

See also: List of GAC vehicles.

Trumpchi/GAC

See main article: Trumpchi. Trumpchi is an automotive marque owned by GAC Group and launched in December 2010. Trumpchi brand is marketed as GAC outside China.

Aion

See main article: GAC Aion. Aion is the mainstream brand of GAC Aion, the subsidiary for electric vehicle of GAC Group.

Hyptec

See main article: GAC Aion. Hyptec is the premium brand under GAC Aion.

Former brands

Changfeng Motor (Leopaard) (discontinued)

See main article: Changfeng Motor. In 2009, GAC owned 29% ownership of this SUV-maker[26] [27] a purchase supposedly imposed by the Chinese state as a condition of a then-upcoming joint venture with Fiat.[28] GAC completed its acquisition of Changfeng in 2011.[12] In 2012 Changfeng Group began moves to re-enter the vehicle business culminating in the move to a new headquarters in Changsha in January 2013 and the establishment of a new subsidiary, Hunan Liebao Automobile Co. Ltd., alongside the continuing Anhui Changfeng Yangzi Automobile Manufacturing Co., Ltd., to oversee manufacturing and marketing of vehicles under the Liebao or "Leopaard" brand.[29]

Gonow (discontinued)

See 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.

Joint venture brands

GAC Honda

See main article: GAC Honda. Guangqi Honda is a 50:50 joint venture between GAC and Honda,[30] which has been making a number of Honda and Acura-branded vehicles for the Chinese market since 1999. It started sales of its own brand, Everus in 2011.[31]

GAC Wuyang-Honda

Wuyang-Honda markets Honda Motorcycles for the Chinese market.[32]

GAC Toyota

See 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.[33]

GAC Hino

See main article: GAC Hino. GAC Hino is a joint venture between Hino and GAC aimed at producing Hino-based trucks.

GAC BYD

GAC BYD is a joint venture between GAC (49%) and BYD (51%) to produce BYD-designed buses under GAC's brand name.[34] [35]

Former joint ventures

Guangzhou Isuzu

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.[36] Isuzu light trucks and buses were also built by Guangzhou Yangcheng Automobile (Chinese: 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.[37] At the same time, Guangzhou Yangcheng's truck making arm was merged into Guangzhou Hino.[37]

Guangzhou Peugeot

See main article: Guangzhou Peugeot Automobile Company. One of the first Sino-western joint venture auto-making companies,[38] Guangzhou Peugeot Automobile Co. Ltd. was a joint venture set up by PSA Peugeot Citroën and the Guangzhou Municipal government between 1985[39] and 1997.[38] Over its eleven-year lifespan, the company produced about 100,000 cars.[40]

Sales began in 1989 mainly as automobiles for government officials and taxis.[41] Its model line comprised the Peugeot 505 and 504.[42]

GAC Fiat Chrysler

See main article: GAC Fiat Chrysler. Fiat signed on to a joint venture with GAC on 6 July 2009,[43] [44] and GAC FIAT Automobiles Co Ltd was incorporated on 9 March 2010.[45] The new company has a production base in Changsha, Hunan Province,[46] that opened on 28 June 2012[47] to manufacture the Fiat Viaggio.[48]

GAC Mitsubishi

See main article: GAC Mitsubishi. GAC Mitsubishi Motors is a joint venture between GAC and the Japanese automaker Mitsubishi Motors. It became operational in September 2012 following a late 2010 memorandum of understanding.[49]

Sales

GAC group sales by brand[50] [51] !Year!Total!Trumpchi!GAC Aion!Gonow
201045,06521-43,251
201144,05617,014-25,343
201271,50532,646-37,256
2013124,00184,602-38,928
2014146,694116,468-29,500
2015207,890191,617-15,995
2016375,723370,781-4,209
2017508,797508,617-180
2018535,323535,277-46
2019384,792351,55033,242Discontinued
2020353,597294,04959,545
2021447,207327,048120,159
2022633,704362,548271,156
2023886,508406,505480,003

International operations

GAC Group has been vocal about its plans to introduce models into the United States.[52] Trumpchi made its first appearance at the North American International Auto Show in Detroit in January 2013, where the Trumpchi E-Jet concept made its world debut.[53] In 2017, the company returned to Detroit and showed three SUVs and two sedans. In January 2018, Trumpchi brought five new models and a concept SUV, the Enverge.[54] GAC established research and development teams in Silicon Valley and Los Angeles in 2017 and 2018, respectively.[55] During the 2019 Detroit Auto Show they announced delays to their sales plans to the first half of 2020.[56] On 22 May 2019, the company indefinitely postponed their US market plans due to Donald Trump's trade war with China.[57]

On 15 May 2015, GAC Group launched a ceremony to celebrate the opening of its Lebanese office under Bazerji Motors SAL.[58] [59] On 29 May 2015, GAC Group partnered with Doha Marketing and Services Company (DOMASCO), to market and sell their vehicles to the local customers in the Middle East.[60]

On 20 November 2020, GAC Group established a branch in Chile.[61]

GAC Group International Markets!Year of Introduction!Territory!Brands!Local Partner!References
2013KuwaitGAC Motor[62]
May 2014LebanonGAC MotorBazerji Motors Sal
November 2014NigeriaGAC Motor[63]
October 2015BahrainGAC MotorTasheelat Automotive Company[64]
October 2018United Arab EmiratesGAC MotorGargash Group
November 2018PhilippinesGAC MotorLegado Motors Inc. (LMI)[65] [66]
November 2018Saudi ArabiaGAC MotorAl Jomaih Automotive [67]
May 2019EcuadorGAC MotorImpofactor CA[68]
August 2019Cambodia, Laos, PanamaGAC MotorTH Group (Cambodia), VK Group, Laos Group Auto Commercial (Panama)[69]
December 2019RussiaGAC Motor[70] [71]

Sponsorships

GAC was the sponsor of the 2011 World Table Tennis Championships held in Rotterdam and the title sponsor of the 2012 ITTF World Tour.[72]

GAC was the title sponsor of the 2013 World Team Cup Table Tennis tournament held in its home city of Guangzhou.[72]

See also

Notes and References

  1. Web site: Autoline Daily . 3 March 2022.
  2. Web site: Annual Report 2012 . 2012 . 2014-02-18. Guangzhou Automobile Group Co., Ltd..
  3. Web site: China Sets Massive Record: 500,000 Plug-In Cars Sold in December 2021 .
  4. Web site: GAC Aion builds second plant with 200,000 production capacity . 5 January 2022 .
  5. Web site: China Sets Massive Record: 500,000 Plug-In Cars Sold in December 2021 .
  6. Web site: Chinese NEV Sales Round-up March 2022 . 6 April 2022 .
  7. http://www.gaig.com.cn/english/pub/showArchive.jsp?catid=223%7C232 Milestones
  8. http://www.gagc.com.cn/2007/english/group_profile/getArchive.jsp?catid=440%7C444%7C444&hl=en&gl=us&strip=1 Company Profile
  9. https://web.archive.org/web/20090723005111/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=9274701 Guangzhou Automobile Group Co., Ltd.
  10. http://www.gagc.com.cn/english/pub/archive2.jsp?catid=172|176 Home > About us > Company Profile
  11. News: HK float for Guangzhou Auto . 1HangZhou . 2010-01-23 . 2013-01-13.
  12. News: GAC Group's application to acquire Changfeng gains written approval . Automotive News . February 10, 2012 . gasgoo.com . June 23, 2012 . Lee, Carmen . dead . https://web.archive.org/web/20131202231251/http://autonews.gasgoo.com/china-news/gac-group-s-application-to-acquire-changfeng-gains-120210.shtml . December 2, 2013 .
  13. Web site: Denway Motors's Shareholders Approve Share Swap . 2010-07-16 . Joanne Chiu and Norihiko Shirouzu . The Wall Street Journal .
  14. News: Denway Motors gets nod for privatisation . Reuters.com . 2010-07-16 . 2010-10-25.
  15. News: GAC's first own-brand car. 2012-04-27. People's Daily. 2010-09-06.
  16. News: Guangzhou Auto Show: Guangzhou Auto Trumpchi Listed & Priced. 2012-04-27. Car News China. 2010-12-20.
  17. News: Sales surge, but congestion concerns rise . people.com.cn . 2010-11-15 . 2012-04-14.
  18. News: GAC listed after 8-year marathon . people.com.cn . 2010-09-06 . 2012-04-14.
  19. News: China Car Market 101: Who Makes All Those 18 Million Cars? . thetruthaboutcars.com . 2011-01-19 . 2012-04-14.
  20. 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 . dead . https://web.archive.org/web/20120820031815/http://www.caam.org.cn/zhengche/20120120/0905067439.html . 2012-08-20 .
  21. Web site: Guangzhou Auto floats on SSE, completes dual-listing . 2012-03-30 . China Economic Review . 2012-08-04 . https://web.archive.org/web/20160304062424/http://www.chinaeconomicreview.com/node/56914 . 2016-03-04 . dead .
  22. Web site: Chinese automaker GAC aims to use solid-state battery by 2026 . 2024-01-07 . Nikkei Asia . en-GB.
  23. Web site: GAC announces all-solid-state battery installation in 2026 . 2024-01-07 . www.kallanish.com . en.
  24. Web site: GAC China says it's building "world first" ammonia engine for cars . 27 June 2023 .
  25. News: China's GAC Unveils World's First Ammonia Car Engine . Bloomberg . 26 June 2023 .
  26. News: UPDATE 1-Guangzhou Auto to buy into Changfeng Motor . reuters.com . 2009-05-19 . 2012-04-14 . Fang Yan . Edmund Klamann.
  27. News: UPDATE 2-Changan Auto claims China's No.3 spot with AVIC deal . reuters.com . 2009-11-10 . 2012-04-14 . Fang Yan . Jacqueline Wong.
  28. News: Mainland carmakers to merge with rivals and stop overcapacity . Kandy . Wong . South China Morning Post . Hong Kong . 2010-01-30.
  29. Web site: LieBao Vehicle official website . 4 October 2018 . 11 August 2020 . https://web.archive.org/web/20200811010801/https://www.leopaard.com/en/ . dead .
  30. News: China's Guangqi Honda at 95 pct of 2009 sales target . reuters.com . Alison . Leung . 2009-11-22 . 2013-01-13.
  31. News: Honda targets China sales of 730,000 units in 2011 . reuters.com . Chang-Ran . Kim . 2010-12-17 . 2013-01-13.
  32. Web site: 五羊-本田摩托（广州）有限公司. 2021-08-30. www.wuyang-honda.com.
  33. News: GAC-Toyota rolls off one millionth car in China. 2012-04-12. China Automotive Review. 2011-09-08.
  34. Web site: 2013-11-26. BYD, GAC to form EV joint venture. 2021-08-30. Automotive News. en.
  35. Web site: GB Bus Official Website. 30 August 2021. 15 October 2021. https://web.archive.org/web/20211015060843/https://www.gb-bus.com/. dead.
  36. Web site: Guangzhou Isuzu Bus Co., Ltd. . 2012-04-12 . GAC Group .
  37. Guangzhou Auto's bus company unveiled . 2008-09-18 . China Daily . 2014-01-08 .
  38. https://books.google.com/books?id=Oej72nssLcUC&dq=%22Guangzhou%20Automobile%22&pg=PA137 Changing lanes in China: foreign direct investment, local government, and auto sector development (page 137)
  39. https://books.google.com/books?id=IFWY9J9QwLsC&dq=Guangzhou%20Automobile%20Group&pg=PA78 China CEO: a case guide for business leaders in China (page 78)
  40. https://books.google.com/books?id=IFWY9J9QwLsC&dq=Guangzhou%20Automobile%20Group&pg=PA86 China CEO: a case guide for business leaders in China (page 86)
  41. https://books.google.com/books?id=IFWY9J9QwLsC&dq=Guangzhou%20Automobile%20Group&pg=PA79 Fernandez and Liu, p. 79
  42. https://books.google.com/books?id=Oej72nssLcUC&dq=%22Guangzhou%20Automobile%22&pg=PA138 Changing lanes in China: foreign direct investment, local government, and auto sector development (page 138)
  43. Web site: 2012-04-03 . 广汽菲亚特 . Guangzhou Automobile Fiat . dead . https://web.archive.org/web/20120421034428/http://www.gacfiatauto.com/ . 2012-04-21 . 2012-04-13 . Gacfiatauto.com.
  44. News: Rowley . Ian . 2009-07-07 . Fiat Focuses on China . businessweek.com . https://web.archive.org/web/20090710103923/http://www.businessweek.com/globalbiz/content/jul2009/gb2009077_696269.htm. dead. 10 July 2009.
  45. http://www.gacfiatauto.com/website/recof/cominfo_jsp_catid_324_325_333.html Company Profile
  46. News: Han . Tianyang . 2009-11-30 . GAC-Fiat ceremony heralds joint venture . China Daily . 2016-08-12.
  47. Web site: 2012-06-28 . Fiat opens new Chinese plant to produce Viaggio . 2012-07-10 . MSNBC.
  48. Web site: April 2012 . 2013 Fiat Viaggio . 2012-07-10 . Car and Driver.
  49. For start of operations, see Web site: Production and Sales of Pajero Sport Midsize SUV Begins in China . Mitsubishi Motors . Press Release . September 30, 2013 . 10 October 2013 . 11 November 2022 . https://web.archive.org/web/20221111135052/https://www.mitsubishi-motors.com/publish/pressrelease_en/corporate/2013/news/detail0896.html . dead .
  50. Web site: HOME Automotive Industry Portal MarkLines Portal . 2022-12-02 . www.marklines.com.
  51. Web site: 广汽传祺正式公布了2023年度销量成绩单_车家号_发现车生活_汽车之家 . GAC Trumpchi officially announced its 2023 sales report card . Auto Home . China . 2024-01-03 . zh-CN.
  52. News: Spring. Jake. 2017-04-22. Eyeing U.S. market, Chinese automaker may change Trumpchi brand name. en. Reuters. 2021-08-30.
  53. News: 17 January 2013. 2013 Detroit Auto Show: Chinese Auto Giant GAC Is Showing Its Own Cars, Albeit On The Fringes. International Business Times. 18 January 2013.
  54. News: 16 January 2013. China's GAC Group brings E-jet Concept, and bad translation, to Cobo. Auto Blog. 18 January 2013.
  55. Web site: 2018-11-08. GAC Motor enters PH market with five strong nameplates. 2019-06-03. AutoDeal.com.ph.
  56. Web site: LeBeau. Phil. 2019-01-14. Chinese automaker GAC motor delays plans to sell in US until 2020. 2019-12-21. CNBC. en.
  57. Web site: 2019-05-22. China's GAC Motor delays U.S. entry on trade frictions. 2019-12-21. Automotive News. en.
  58. Web site: GAC MOTOR celebrates entry into Lebanon market .
  59. Launching Ceremony of GAC MOTOR with Trumpchi Vehicles Successfully Held in Lebanon, Speeding up Pace of Overseas Expansion . 28 May 2015 .
  60. Web site: 2015-05-29. Launch Ceremony of GAC MOTOR in Qatar, Targeting the Middle East as Key Market. 2019-12-21. www.businesswire.com. en.
  61. Web site: Guangzhou Automobile Group MOTOR Co., Ltd .
  62. Web site: GAC MOTOR In The Last Two Weeks: Opening New Regional Showrooms, Releasing New Cars Models And Enter to New Markets. 2019-06-03. GAC Group.
  63. Web site: GAC Motor Delivers 150 GA3Ss to PoliceForce of Nigeria. 2019-06-03. GAC Group.
  64. Web site: GAC MOTOR set to debut in the Bahrain market with flagship models .
  65. Web site: 2018-11-07. President Duterte graces GAC Motor launch, assures investors PH is business-friendly. 2019-03-27. Presidential Communications Group (Philippines). 27 June 2021. https://web.archive.org/web/20210627201256/https://pcoo.gov.ph/news_releases/president-duterte-graces-gac-motor-launch-assures-investors-ph-is-business-friendly/. dead.
  66. Web site: Subido. Paulo Rafael. 2018-11-07. Chavit Singson is the new distributor of GAC Motor in PH. Here are the prices. 2019-06-26. Top Gear Philippines. Summit Media.
  67. Web site: Aljomaih Automotive celebrates the launch of GAC Motor in Saudi Motory Saudi Arabia. 2019-12-21. ksa.motory.com. en-US.
  68. Web site: GAC Motor llega a Ecuador con el respaldo de Impofactor . 25 May 2019 .
  69. Web site: Guangzhou Automobile Group MOTOR Co., Ltd . https://web.archive.org/web/20220507143111/https://www.gac-motor.com/en/media/newsdetail/id/137.html . 2022-05-07 .
  70. Strive for More: GAC MOTOR Announces Brand and GS8 Launch in Russia .
  71. Web site: GAC Motor's Debut at 2019 St. Petersburg International Motor Show Launches New Journey In Russian Market. 2019-06-03. GAC Group. https://web.archive.org/web/20191218085526/https://www.gac-motor.com/Home/News/content/id/55.html. 2019-12-18.
  72. News: GAC Group deepens table tennis commitment. 2012-05-17. SportsPro. 2012-05-14.

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