Shanghai January 20 (Gasgoo.com) Guangzhou Automobile Group (GAC Group) revealed today that the Changfeng Liebao brand will be sold directly under the Guangzhou label, becoming the company's second own brand.
At a press conference GAC Group CEO Zhang Fangyou announced that Changfeng Motors was currently undergoing further reorganization. Currently GAC owns minority 29% control of Changfeng. GAC will take full control of the company's Liebao brand, allowing it to become the company's second own brand after the GAC Trumpchi. GAC Motors Deputy General Manager Wu Song refused to offer additional comment regarding the transaction.
The Liebao series of SUVs is based on Mitsubishi Pajero techonology fitted to satisfy the demands of the Chinese automobile market. Over 30,000 Liebao SUVs were sold last year.
GAC hopes that 2011 will be a breakthrough year for the SUV, with targeted sales exceeding 70,000 units, bringing in over 150 billion yuan ($22.82b). GAC has set its sights for 2015 even higher, with a sales goal of 3 million vehicles.
Changfeng Motors currently has two factories in Changsha and Yongzhou producing the SUV. With GAC taking direct control of the Liebao brand, only the Yongzhou site will continue to produce the vehicle.