Top stories of GAC Group in 2017

Shanghai (Gasgoo)- In the past 2017, Guangzhou Automobile Group Co., Ltd. (GAC Group) put great efforts for the company's development. Hereby, the reporter summarizes some important stories of GAC Group happened in the past year.

GAC Group 2017 sales surpass 2 million 

GAC Group delivered 178,264 vehicles in December, 2017, up 5.73% year on year, but down 1.24 % month on month. By the end of December, the group sold a total of 2,001,036 vehicles in the whole year, jumping 21.27% compared with the year before.

GAC Group teams up with NIO to establish NEV JV

GAC Group announced on Dec. 27 last year that it will team up with NIO to jointly establish a new joint venture, GAC NIO New Energy Automotive Co., Ltd which will focus on the R&D, sales and service of intelligent-connected NEV. The total registered capital of the new JV will be RMB 500 million, while the registered capital of the first phase will be RMB 200 million. Both GAC Group and GAC New Energy Automotive Co., Ltd. will invest RMB 45 million to take 22.5% stake of the new joint venture respectively.

GAC Motor's Hangzhou plant begins production

GAC Motor's Hangzhou plant officially began production on December 12 last year. With a total investment of RMB 8 billion, the first phase of Hangzhou plant has a planned production capacity of 400,000 units per year. Meanwhile, GAC Trumpchi's all-new compact sedan was officially off the production line and was unveiled at 2018 North American International Auto Show in January this year.

GAC Honda to acquire 100% stake of Honda Automobile China

In the middle of December last year, GAC announced to transfer its 25% stake in Honda Automobile (China) through the open market. Besides, the board of the group also approved GAC Honda's plan to acquire 100% stake of Honda Automobile (China). According to GAC, the floor price for its stake in Honda Automobile (China) will be RMB 231.6 million, which will depend on the asset appraisal result.

GAC Mitsubishi plant to increase capacity by 100,000 units

GAC Group revealed in the middle of December that the group had approved the expansion and renovation plan of the joint venture's second phase project. When the factory expansion completes, GAC Mitsubishi annual capacity will increase 100,000 units. The project, with a total investment of RMB 529.8 million, plans to be completed in October, 2018.

GAC Group, iFLYTEK sign cooperation agreement to promote innovation of auto and internet

GAC Group released an announcement on Dec.7, saying that they signed a strategic cooperation agreement with iFLYTEK. According to the agreement, they will regard each other as important customer, and make a promise that one party will have the priority to use the other's products and services in accordance with each company's procedures on an equal footing. What's more, they will cooperate in such areas as intelligent human-computer interaction technology, on-board intelligent and AI technology, big data analysis, intelligent connected vehicle platform and marketing innovation, etc. The agreement shall be valid for 5 years.

GAC, Denso sign Memorandum of Understanding on strategic cooperation

On November 28, GAC Group announced that it had signed a Memorandum of Understanding on Strategic Cooperation with Denso Corporation. In technology, the cooperation focuses on the development of traditional auto parts and new energy vehicle auto parts as well as the full cooperation in intelligent driving segment. In talents, both companies will discuss the plan, curriculum designing guide and teacher delegation of GAC University (cooperate training center). Denso may also provide training opportunities for GAC workers.

GAC, China Mobile sign cooperation framework agreement

On November 23, GAC Group signed a strategic cooperation framework agreement with China Mobile to work on such areas as 4G internet of vehicles, 5G in-vehicle communication research. The companies will give full play to each other's advantages in technology, industry and market for the purpose of promoting the cross-industry cooperation between the communications industry and the auto industry, and establishing intelligent travelling service system and industry ecosystem on the basis of new-generation intelligent-connected technology.

GAC unveils first intelligent-connected electric concept car iSpace

On November 16, GAC Group and China's Internet giant Tencent Holdings Limited (Tencent) co-presented their latest intelligent-connected product, and unveiled the iSpace intelligent-connected concept car. The new concept is GAC's self-innovated vehicle built based on the new energy platform. The iSPACE redefines customers' needs and makes the vehicle to be a mobile living room. 

GAC, Tecent sign strategic cooperation agreement to develop intelligent vehicles

On September 18, GAC Group and Tencent Holdings Limited signed a strategic cooperation agreement in Guangzhou. According to the agreement, both parties will cooperate in such areas as internet connected vehicles, intelligent driving, cloud platform, big data, etc. Besides, they will also explore the capital investment in auto-related e-commerce, auto insurance, mobility service and new energy vehicles.

GAC New Energy plant begins construction

In early September, GAC New Energy plant began its operating construction. According to the GAC Group "153" new energy strategy plan, it plans to invest RMB 4.694 billion for the construction and implementation of alternative energy vehicle projects. It will construct a plant with an annual capacity of 200,000 units in the first phrase, which will be put into operation at the beginning of 2019.

GAC MITSUBISHI engine factory starts construction

On March 29, GAC MITSUBISHI engine factory officially started construction. Once the factory is completed, it will introduce and manufacture the most advanced MITSUBISHI-branded engine.  The first phase is expected to be put into operation this year with a designed capacity of 150,000 units per year.

GAC invests RMB 4.694 billion in new energy vehicles project

The GAC Motors' project on increasing annual new energy vehicles production to 200,000 units had been approved on March 27th by GAC Group board and the automaker will invest RMB 4.694 billion in the project. The auto maker reported to improve its new energy vehicle manufacturing capability, optimize the product structure of its self-owned bands and enhance GAC Motors' overall competitiveness by the implementation of the project, which is believed to promote the development both of GAC Group and its subsidiaries.