On December 9, 2010, the joint venture between Guangzhou Auto Group Co., Ltd. and Zhejiang Ji'ao Holding Group Co., Ltd. and the establishment of GAC Gio Motors Co., Ltd. was held at the Xizi Hotel in Zhejiang. Leaders of relevant state ministries, leaders from Zhejiang Province, Guangzhou City and Hangzhou Municipal Government and guests from all walks of life attended the ceremony.
GAC Group and Gonow Holdings signed a strategic cooperation framework agreement on April 26, 2010. After completing a series of preparation and approval procedures, the joint venture company was formally established and operated. This indicates that the strategic cooperation between the two parties has entered the implementation phase. From then on, we will adhere to independent innovation, expand our own brands, and explore the domestic and international automotive market on the basis of complementary advantages and mutual benefits.
GAC Group is a large state-controlled enterprise group listed on Hong Kong H-shares. Its main business is R&D and manufacturing of automobile vehicles and parts for passenger vehicles in domestic and foreign markets, as well as automobile sales and logistics, and automotive finance. Insurance and other related services have independent and complete automotive production, supply, sales, and research and development systems. Current investment companies include Guangzhou Automobile Honda, GAC Toyota, Guangzhou Automobile Passenger Vehicle, GAC Changfeng, GAC Fiat, GAC Hino, Guangzhou Automobile Bus and other vehicle companies.
Gonow Holdings is a privately-owned automobile manufacturer that specializes in the economical subdivision automobile market in China. It currently owns three major vehicle production bases in Xiaoshan, Hangzhou, Luqiao in Taizhou, and Dongying in Shandong. The annual designed production capacity is 300,000 pickups, SUVs, and microbuses. , is the key support development enterprise of the People's Government of Zhejiang Province. It is also a national auto vehicle export base enterprise jointly determined by the National Development and Reform Commission and the Ministry of Commerce. The products have been certified by many countries.
The registered capital of GAC Gonow is RMB 1.26 billion. GAC Group will invest 51% of the equity held by cash. Gonow Holdings shall invest in the relevant assets such as Hangzhou Gio Motors Co., Ltd. and it holds 49% of the equity. After the establishment of the joint venture company, it will integrate the original vehicle assets and business of Gonow Holdings, gradually form a production capacity of 500,000 units of the whole vehicle, and accumulatively invest RMB 6 billion. The joint venture company is registered in Xiaoshan Economic and Technological Development Zone.
The newly established GAC Gonow not only possesses the advantages of state-owned enterprises in terms of capital, technology, talents, management, and scale, but also has a more flexible operating mechanism for private enterprises. In the future, it will give full play to the advantages of both parties and make full use of the market demand. And to increase the scale of production capacity, improve product quality, and strive to develop into a leading domestic pickup truck production base and minibus production base.
The newly-established GAC GIO will take full advantage of GAC Group's resource integration advantages in the vehicle industry. It will fully cooperate with GAC Group and other industry leading organizations in the development of products and technologies to develop a product positioning suitable for GAC and GIO. Market demand trend products. The brand new GAC GIO brand, image and model will be released during the 2010 Guangzhou (International) Auto Show.
The establishment of GAC Gonow is a result of responding to the structural adjustment of the national automobile industry. It is another beneficial attempt to actively explore the cooperation between state-controlled enterprises and private enterprises. It is another breakthrough for the reorganization mode of the automobile industry and will play a leading role in the domestic automobile industry. effect. This will not only help the two partners to take the initiative in the industry competition, improve industrial quality and competitiveness, achieve coordinated development and mutual benefit, but also help promote the production and sales of automobiles and parts, capital, talent, and technology in the relevant regions. Exchanges and cooperation will promote the prosperity of local industries and markets. At the same time, they will also have a major positive impact on the structural adjustment and industrial upgrading of China's auto industry, and will have important demonstration significance and leading role in promoting the sustainable, healthy and stable development of the auto industry.
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