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

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

Latest Release

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

Two Honda 0 Series Prototype Models to Premiere at CES 2025
Dec 19, 2024 12:30 JST

Honda Presents World Premiere of Honda S+ Shift, Next-generation e:HEV Technology
Dec 19, 2024 12:13 JST

NEC Completes new Asia Pacific submarine cable
Dec 19, 2024 12:02 JST

Enablement of JCB Contactless Payment at All NJ TRANSIT Contactless Bus and Light Rail Validators in New Jersey, New York, and Pennsylvania
Dec 19, 2024 12:00 JST

Honda Presents Next-generation e:HEV Technologies at Press Briefing on Honda e:HEV Business and Technology
Dec 18, 2024 17:50 JST

MHI Appoints CTO Eisaku Ito as Next President & CEO, Announces Changes in Board and Executive-level Personnel
Dec 18, 2024 17:38 JST

Honda to Utilize Existing Powertrain Unit Factory to Establish New Production Plant for Next-generation Fuel Cell System in Japan
Dec 18, 2024 17:22 JST

NEC Receives Telecom Review's Global Excellence Award for Innovative Telecom B2B/ Enterprise Network Solutions
Dec 18, 2024 17:12 JST

Japan's Telecommunications Carriers Join Forces to Strengthen Disaster Response
Dec 18, 2024 16:11 JST

Toyota's Fuel Cell and Water Electrolysis System Production Plan Certified as a METI Support Program for Building GX Supply Chains
Dec 18, 2024 13:51 JST

DENSO and onsemi Collaborate for a Strengthened Relationship
Dec 17, 2024 14:26 JST

Asian Financial Forum returns as Region's First Major International Financial Assembly in 2025
Dec 17, 2024 13:44 JST

Fujitsu recognized as Leader in IDC MarketScape: Worldwide Digital Workplace Services 2024 Vendor Assessment
Dec 16, 2024 10:20 JST

MHI Group Issues its "SUSTAINABILITY DATABOOK 2024"
Dec 13, 2024 16:31 JST

Notification of Dissolution of Joint Management of LT Metal Co., Ltd. by TANAKA Kikinzoku Kogyo K.K. and LT Corp.
Dec 13, 2024 04:00 JST

More Latest Release >>

Latest Release

Related Release