Shanghai, April 22 (Gasgoo.com) Guangzhou Automobile Group, a Chinese joint venture partner of Toyota Motor and Honda Motor, is set to unveil its first self-developed car at the upcoming 2010 Beijing auto show and will launch this mid- to high-end sedan later this year, media reported today.
One year after buying a 29% stake in Changfeng Motor (now GAC Changfeng Motor), Guangzhou Auto will sign a major cooperation deal with Zhejiang province-based Gonow Auto on April 26, likely to take a controlling stake in the Chinese mini-car maker.
Guangzhou Auto's first self-developed car, maybe a sedan based on the VIP-Lounge concept on Fiat's Alfa 166 platform, will be produced and launched before the 2010 Asian Games in November. The automaker is a local sponsor of the sports event in Guangzhou.
The company already has the Linian sub-brand, developed in partnership with Honda. The first Linian car is scheduled for production this year, but its launch will possibly be delayed to the beginning of next year, China Car Times said.
Earlier reports said Guangzhou Auto is seeking a backdoor listing on the Hong Kong stock exchange through its HK-listed subsidiary Denway Motors. Denway shares would be exchanged for new shares of Guangzhou Auto.
