Mitsubishi Motors to Build Partnership in Chinese Automobile Business with Guangzhou Automobile Group by Signing MOU Towards New JV

Nov 05, 2010 22:40 JST

Source: Mitsubishi Motors

TOKYO, Nov 05, 2010 - (ACN Newswire) - Mitsubishi Motors Corporation (MMC) and Guangzhou Automobile Group Co., Ltd. (GAC Group), each holding a 14.59% and 29.0% stake in GAC Changfeng Motor Co., Ltd. (GAC Changfeng) respectively, have signed a Memorandum of Understanding (MOU) to make GAC Changfeng into a new limited partnership corporation (new joint venture) owned 50% each by MMC and GAC Group.

Based on the MOU, both MMC and GAC Group will proceed to deliberate on models to be introduced, action plans, and production capacity plans, aiming to make the new joint venture company a base for collaborative business in China.

Moving forward, in order to make GAC Changfeng into the new joint venture, GAC Group plans to delist GAC Changfeng from the Shanghai Stock Exchange, and will begin delisting procedures.

The new joint venture is slated to begin operations after a share transfer agreement, joint venture agreement, and related agreements are signed, and permission and authorization is granted by relevant authorities.

GAC Group is one of the main players in the Chinese automobile industry, and is the largest car company in the Huanan region. It is well known within the industry for its high profitability. MMC, a Japanese car maker, has a long history of operating in China and it aims to further strengthen its Chinese business through the building of the collaborative relationship with GAC Group.

Contact:

Mitsubishi Motors
Public Relations Department
http://www.mitsubishi-motors.com
+81-3-6852-4275

Source: Mitsubishi Motors
Sectors: Automotive

Related Press Release

Mitsubishi Licenses Hybrid Technology Patents from Paice, Abell Foundation

August 25 2020 06:00 JST

GIIAS 2017, Indonesia's Premier International Automotive Event, Concludes

August 21 2017 22:00 JST

GAIKINDO Indonesia International Auto Show (GIIAS 2017) Hosts Three World Premieres

August 17 2017 19:00 JST

25th GAIKINDO Indonesia International Auto Show (GIIAS 2017) Officially Opens

August 14 2017 20:00 JST

Forty New Vehicles Launching at the GAIKINDO Indonesia International Auto Show (GIIAS) 2017

July 27 2017 15:30 JST

Road to GAIKINDO Indonesia International Auto Show (GIIAS 2017)

March 27 2017 22:00 JST

Sole Agents Launch New Products at Indonesia International Motor Show (IIMS) 2014

September 19 2014 19:00 JST

Indonesia International Motor Show (IIMS) 2013: Smart Mobility for Smart Society

September 21 2013 19:00 JST

GAC Mitsubishi Motors Co., Ltd., a Joint Venture of Guangzhou Automobile Group Co., Ltd., Mitsubishi Motors Corporation and Mitsubishi Corporation, Commences Operation

October 12 2012 16:00 JST

Proton and Mitsubishi Motors to Pursue Broad Ranging Strategic Collaboration

September 15 2011 14:38 JST

More Press release >>

Latest Press Release

Gruelling Challenge Awaits TGR In Saudi Arabia
Dec 27, 2024 15:20 JST

The General Incorporated Association Generative AI Japan Announces the Winners of the Japan Generative AI Award 2024
Dec 27, 2024 11:00 JST

MHI Included in "World Index" of Dow Jones Sustainability Index for Second Consecutive Year
Dec 27, 2024 09:36 JST

TOYOTA GAZOO Racing to Exhibit at Tokyo Auto Salon 2025
Dec 26, 2024 17:11 JST

JCB Launches Red Guahan Shopping Mall Shuttle Free Ride Promotion in Guam
Dec 26, 2024 12:00 JST

Mazda Production and Sales Results for November 2024
Dec 26, 2024 11:46 JST

MHI Conducts Nighttime and Long-Distance Highway Demonstration Testing of Unmanned Aerial Vehicle Currently Under Development
Dec 26, 2024 09:47 JST

Hitachi delivers a turnkey rail solution for Ho Chi Minh City's first urban railway Line 1 in Vietnam
Dec 24, 2024 13:19 JST

Nissan and Honda sign MOU to consider business integration
Dec 24, 2024 11:18 JST

Olympus Named to Dow Jones Sustainability World Index for the Fourth Consecutive Year
Dec 24, 2024 11:00 JST

GAC Honda Begins Operation of New Energy Vehicle (NEV) Production Factory in Guangzhou, China
Dec 24, 2024 10:23 JST

Sarawak Premier Makes Inaugural Visit to Mitsubishi Power's Takasago Hydrogen Park
Dec 24, 2024 10:10 JST

Fujirebio and Eisai Enter into Memorandum of Understanding for Joint Research and Social Implementation of Blood-based Biomarkers in the Field of Neurodegenerative Diseases
Dec 23, 2024 17:22 JST

Nissan, Honda, and Mitsubishi Motors sign MOU on collaborative considerations
Dec 23, 2024 13:54 JST

Fujitsu drives chemical industry logistics DX with participation in joint logistics demonstration
Dec 23, 2024 13:30 JST

Mitsubishi Motors Cumulative Production Reaches One Million Units in Indonesia
Dec 20, 2024 17:35 JST

Contract Renewed on Operation and Maintenance (O&M) Services for APM System at Washington Dulles International Airport
Dec 20, 2024 17:24 JST

Toyota Launches Alphard and Vellfire PHEV Models in Japan
Dec 20, 2024 15:38 JST

6G Begins! Embarking on a New Journey of Global Interoperable Standards
Dec 19, 2024 16:50 JST

MI LNG Company to Change Corporate Name to MILES
Dec 19, 2024 13:49 JST

More Latest Release >>