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Foundry Daily News

10. November 2010

China - Guangzhou Automobile and Mitsubishi Motors ink MoU for JV

China Knowledge reported that Guangzhou Automobile Group Co Ltd, the Chinese partner of Honda Motor and Toyota Motor signed a memorandum of understanding with Japan Mitsubishi Motors in Changsha, Hunan Province to set up 50:50 joint ventures.

According to the report, both parties will incorporate the JV based on GAC Changfeng Motors Co Ltd in which Guangzhou Automobile holds a 29% stake while Mitsubishi Motors takes a 14.59% stake. Both parties have entered the formal negotiations in terms of vehicle models, operation and production capacity of the JV.

The deal signifies that Guangzhou Automobile has completed the business integration of GAC Changfeng Motors.

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