Guangzhou Automobile to boost production capacity to 3 million units in 2015
Focuses on product development, new energy vehicles, and investing in joint ventures
At the end of 2010, the GAC Group announced it would boost the production capacity of the entire group to 3 million units and revenues to 400 billion RMB, and would grow as a global corporation that has international competitiveness in its five-year plan to 2015.
In order to achieve the target in the five-year plan, the car maker focuses on four areas - the enhancement of independent development, promotion of new energy vehicles, fostering of human resources, and building of a brand power. Concerning the independent development, GAC Motor launched a proprietary brand passenger car, the Trumpchi, at the end of 2010, and Guangqi Honda released the S1 in 2011, which is the first model under the Everus brand - China's first proprietary brand of a foreign-affiliated joint venture manufacturer.
The GAC Group has begun to prepare for the new energy vehicle business, planning to increase the group's entire production and sales volume of energy-saving and new energy vehicles to about 200,000 units by 2015. Its joint venture partner, Honda has already started demonstration tests of electric vehicles (EVs), expecting to put a product on the market through Guangqi Honda in 2012.
The GAC Group has also been focusing on the promotion of new joint ventures since 2009. It is currently doing joint ventures with Fiat, the Gonow Holding Group, and Mitsubishi until the end of 2011. Among them, new joint venture companies have already been established with Fiat and the Gonow Holding Group. Also with Mitsubishi, a new joint venture company is expected to be established in September 2012.
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