GAC Component Co., Ltd. (Formerly Guangzhou Automobile Group Component Co., Ltd.) Business Report FY ended Dec. 2020
GAC Parts Industrial Park
-GAC Group established the GAC Parts Industrial Park in Meizhou. Since 2016, it has ensured that three projects are settled in the GAC Parts Industrial Park every year for three consecutive years. The total investment is about CNY 1.6 billion, including auto parts, car rental, logistics support, and business services and other enterprises. At present, 9 projects have been completed and put into production. (From various news items dated September 23, 2020)
New company
-Guangzhou Automobile Group Co., Ltd. (GAC) held the 22nd meeting of its Fifth Board of Directors and approved a resolution for an integrated electric drive system project for new electric vehicles (NEVs). According to the resolution, GAC approved the construction of the aforementioned project by a joint venture tentatively named Guangzhou Nidec Automobile Drive System Co., Ltd. The joint venture is to be established by GAC Component Co., Ltd. (GAC Component), a GAG’s wholly-owned subsidiary, and Nidec Corporation. The planned project investment will total about CNY 1,050,530,000, of which shareholders will contribute CNY 600 million and GAC Component will contribute CNY 294 million based on a 49% share in the joint venture. Additionally, the meeting also examined and approved a resolution for a land acquisition and construction project for an intelligent NEV industrial park. With GAC’s approval, GAC Component will implement the aforementioned project, which has a planned investment totaling CNY 624.18 million. (From a press release on August 1, 2019)
-In June 2018, the Company and Magna International established a new joint venture named "Changsha Magna Auto Exterior Co., Ltd." in Changsha and built a cutting-edge assembly and production line for composite tailgates with an annual output of 140,000 units. The Company began to produce composite tailgates for the crossover models of a global automobile manufacturer from the end of 2018. (From various news sources in 2019)
Patents
-As of December 2017, Guangzhou Huade Automobile Spring Co., Ltd., a subsidiary of the Company, obtained a total of 20 patents, among which 5 are patents for invention.