①GAC Group’s new energy intelligent and ecological factory for (“the Factory”) for its first-phase project has been completed; Representing a RMB 4.7 billion (US$ 680 million), the Factory will start production in May 2019, aiming to achieve annual production capacity of 400,000 vehicles；
②GAC MOTOR and Aisin AW opened the new joint venture with an investment of RMB 2.13 billion (US$ 310 million), and the annual value of production will be over RMB 3.5 billion (US$500 million)，aiming to achieve annual production capacity of 400,000 AT units;
Chinese famous automaker GAC Group, the parent company of GAC MOTOR,has completed the construction of a new energy intelligent and ecological factoryfor (“the Factory”) for its first-phase project of achieving production capacity of 200,000 electric vehicles per year in the industrial park for electric and smart vehicle development (“the Industrial Park”) on Dec 23. GAC MOTOR and Aisin AW CO., LTD (“Aisin AW”), a subsidiary of Aisin Seiki, have also hosted a foundation stone laying ceremony in the Industrial Park for their joint venture project of manufacturing automatic transmission on the same day. Provincial and municipal government officials, Zeng Qinghong, the Chairman of GAC Group, Feng Xingya, the General Manager of GAC Group, representatives of staff, investment companies, partners and media have attended the event.
New Factory for New Energy and New Technology
Representing a RMB 4.7 billion (US$ 680 million), the Factory is the first project of the Industrial Park and has started construction since September 2017. the Factory will start production in May 2019, aiming to achieve annual production capacity of 400,000 vehicles. The GAC New Energy will release at least 2 electric vehicle models per year after that to continuously enrich its product line and to provide consumers with multiple options.
(The Outlook of the Factory)
The future of vehicles is electric, global, online and sharing, which highlights the importance of automated driving technology.GAC Group has started its own research and development of self-driving technology since 2011. The Aion S, featured Level 2 partial automation driving system, will be released in 2019, and will also be the first mass-produced new energy vehicle model used for developing Level 4 high automation driving system. A new vehicle model developed by GAC Groupand featured with Level 3 conditional automationdriving systemwill be put into production in the near future.
A Powerful Alliance, A Stronger Global Supply Chain
On the same day, GAC MOTOR and Aisin AW have also hosted a foundation stone laying ceremony in the Industrial Park for their joint venture project of manufacturing automatic transmission. In April, GAC MOTOR and Aisin AW, signed the in-depth cooperation agreement to open the new joint venture. An investment of RMB 2.13 billion (US$ 310 million) will pour into the project and its first product will go into production by the end of 2020, aiming to achieve annual production capacity of 400,000 ATunits.
(Mr. Yu Jun, the President of GAC MOTOR Hosted the Event)
Mr. Yu Jun, the President of GAC MOTOR said, “After construction completed, the joint venture project will bring remarkable economic and social benefits. Its estimated annual value of production will be over RMB 3.5 billion (US$500 million). It will create many local jobs and cultivate more professionals in the field of automatic transmission manufacturing.
Founded in 1969, the Aisin AW is the world's No.1 manufacturer of AT and car navigation systems. The 6-Speed Automatic Transmission planned to be manufactured in the joint venture project, has been widely installed in GAC MOTOR’s vehicles including the GS8 and GS4.
As part of its commitment to producing top-quality vehicles, GAC MOTOR has signed strategic partnerships with 18 of the world’s top auto suppliers, including Michelin, Denso, Continental and more, covering areas such as core components and smart technologies, enabling its global supply chain to adhere to the industry highest standards.The GAC MOTOR and Aisin AW joint venture will enable GAC MOTORto push forward the sustainable development of its high-performance parts and components supply and establish stronger global supply chain