Guangzhou Automobile Group Component Co., Ltd. Business Report FY ended 2014

Guangzhou Automobile Group Component Co., Ltd. Business Report FY ended Dec. 2014

Business Highlights

Restructuring

-The Company announced that it will sell a 40 percent share in GAC-QH Auto Component Co., Ltd., its subsidiary, for CNY 53.04 million. The president of GAC-QH Auto Component is planning to increase his shareholding in the company to 95 percent through a management buyout. GAC-QH Auto Component generated CNY 3.74 million in sales and posted a net loss of CNY 360,000 by January 31, 2014. (From news releases issued by multiple sources on February 21, 2014)

Off the Line

-Hangzhou IVECO Automobile Transmission Technology Co.,Ltd., the subsidiary of the Company, announced that its first dual clutch automatic transmission rolled off production line on July 18, 2014. (From news releases issued by multiple sources on July 19, 2014)

Come into Operation

-Guangzhou Denso Co., Ltd, the joint venture of the Company and Denso (China) Investment Co., Ltd. held opening ceremony for its new plant in Zengcheng. The new plant came into operation on the same day in Feb. 2014. The first year annual output value is expected to 4 billion yuan after the plant coming into operation. (From news releases issued by multiple sources on Feb. 26, 2014)

Award

-Guangzhou Mitsuba Electric Co., Ltd., a subsidiary of the Company, obtained “Excellent Supplier” from Chongqing Hi-lex Cable System Group Co., Ltd. in April 2014. (From news releases issued by multiple sources on May 16, 2014)