Guangzhou Automobile Group Co., Ltd (GAC Group) is a large state-controlled joint-stock company.
Its predecessor, Guangzhou Automobile Group Company was built in June 1997. GAC Group is the first to be listed both in the A-Share and H-Share markets among all state-owned auto groups.
The company is engaged in diversified business for both the domestic and international markets, including the design and production of vehicles and parts, auto sales and logistics, and related services such as finance and insurance. It is possessed with an independent and complete system covering production, supply, sales and R&D. Currently the company owns or has directly invested in dozens of businesses, including GACMotor, GAC Honda, GAC Toyota, GAC Fiat Chrysler, GAC Mitsubishi, GAC Gonow, GACZX-Auto, Honda (China), GAC Hino, GAC Bus, GAC BYD, Wuyang-Honda, GACComponent, GAC Toyota Engine, Shanghai Hino Engine, GAC Business, Tong Fang Global Logistics, China Lounge Investments, GAC SOFINCO, GA Insurance Brokers,and Urtrust Insurance.
Bearing in mind the goal “to develop into a trustworthy public enterprise”, GAC Group has been constantly increasing economic benefits, improving asset quality and enhancing profitability achieving favourable financial results. Meanwhile, the company has provided huge returns to its shareholders by making stable and continuous profit distribution plans. The company strictly complies with tax laws in payment, generating ever increasing tax revenue for the country. In 2013, its sales volumes of both automobiles and motorcycles exceeded one million, edging itself for the first time into the “Million Club”. GAC Group was on the Fortune Global 500 list for the first time in 2013, and its ranking jumped sharply in 2014.
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. While the company is primary focused on consumer vehicles, it does make large passenger buses and commercial trucks although it is outside the top ten commercial vehicle makers in China.
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.
|SEHK: 2238, SSE: 601238
|Guangzhou, Guangdong, China
|Mr. Zhang Fangyou (Chairman)
|Guangzhou Automobile Industry Group
GAC Changfeng Motor
GAC Gonow (51%)
Guangzhou Automobile Group Co., Ltd. was founded in 1997, and in 2005 become a holding of Guangzhou Automobile Industry Group and a joint-stock company. As of 2009 it was the 6th-largest automaker in China.
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.
Previously a backdoor listing via Denway Motors, GAC became listed under its own name on the Stock Exchange of Hong Kong in 2010. In that year shareholders of Denway Motors approved its privatization by GAC. Denway Motors was subsequently delisted on 25 August 2010 and replaced by Guangzhou Automobile Group (SEHK: 2238) on 30 August 2010 via stock swap.
In late 2010 GAC purchased 51% ownership of Gonow, a midsize Chinese automaker of sport-utility vehicles, subcompacts, and pickup trucks.
In December 2010 GAC launched the new Trumpchi marque. Its initial product was based on the Alfa Romeo 166.
In 2010 GAC was among the ten largest Chinese carmakers reaching number six and selling 724,200 vehicles.
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.
In early 2012, the company was listed on the Shanghai Stock exchange.
Subsidiaries and divisions
In 2009 GAC owned 29% ownership of this SUV-maker a purchase supposedly imposed by the Chinese state as a condition of a then-upcoming joint venture with Fiat. GAC completed its acquisition of Changfeng in 2011.
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.
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 GA3/GA3S, a four-door compact saloon
- Trumpchi GA5, a four-door mid-size saloon, including the GA5 REV, a range extender electric vehicle
- Trumpchi GA6, a four-door full size saloon
- Trumpchi GS4, a five-door sport utility vehicle
- Trumpchi GS5 Super, a five-door sport utility vehicle
Current joint ventures
Fiat signed on to a joint venture with GAC on 6 July 2009, and GAC FIAT Automobiles Co Ltd was incorporated on 9 March 2010. The new company has a production base inChangsha, Hunan Province, that opened on 28 June 2012 to manufacture the Dodge-Dart -based Fiat Viaggio.
Guangqi Honda is a 50:50 joint venture between GAC and Honda, 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.
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.
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.
Former joint ventures
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. 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. At the same time, Guangzhou Yangcheng's truck making arm was merged into Guangzhou Hino.
Guangzhou Peugeot Automobile
One of the first Sino-western joint venture auto-making companies, Guangzhou Peugeot Automobile Co Ltd was a joint venture set up by PSA Peugeot Citroën and the Guangzhou Municipal government between 1985 and 1997. Over its eleven-year lifespan, the company produced about 100,000 cars.
Sales began in 1989 mainly as automobiles for government officials and taxis. Its model line comprised the Peugeot 505 and 504.
GAC was the sponsor of the 2011 World Table Tennis Championships held in Rotterdam and the title sponsor of the 2012 ITTF World Tour.
GAC was the title sponsor of the 2013 World Team Cup Table Tennis tournament held in its home city of Guangzhou.