GAC High-level Personnel Change Highlights Self-independent Brands'Importance

Shanghai December 30th, 2016 Gasgoo - Recently, media reported that GAC Group encountered a high-level personnel change, involving Vice Board Chairman Feng Xingya, Administrative Assistant General Manager Wu Song and Deputy General Manager Li Shao.

Reporters got confirmation that Feng Xingya is nominated as Board Chairman of GAC Motor, and Wu Song is nominated as Board Chairman of Guangzhou Toyota Motor Co. Ltd., Vice Board Chairman of GAC Toyota Engine Co. Ltd. and Vice Board Chairman of Tong Fang Global (Tianjin) Logistics Co. Ltd. In the meantime, Li Shao is appointed as Board Chairman of GAC Honda Motor Co. Ltd. and GAC Honda Automobile Sales Co., Ltd. The personnel change involves GAC Motor, GAC Toyota and GAC Honda. Data shows that the total sales of passenger vehicles in GAC Group from January to November reach 1.48m units, and the proportion of above three companies' accounts for 87.4%.

According to plan, GAC Group is striving to become a well-known brand in Chinese auto industry by the end of “13th Five-year Plan” period. In fact, GAC has released the strategy in last year about the group. It strives to accomplish a production and sales volume of 2.4 m units by the end of “13th Five-Year Plan” period, with a compound annual growth rate of about 12%, operation revenues exceeding RMB 400 Bn and total pre-tax profits exceeding RMB 50 Bn. It will also strengthen the developments of R&D, vehicles, auto parts, commercial and trade services and financial services to achieve a leading auto group.