Guangzhou Automobile, or GAC, the China joint venture partner of Honda and Toyota, intends to begin production of its own brand vehicles in September, reflecting Chinese carmakers' determination to carve a slice of the world's largest vehicle market.
The company will produce “no fewer than 30,000” Chuanqi-brand sedan cars in its first full year of production, according to Zhang Fangyou, chairman. “[The initial output] will depend on the market reaction,” he told the Financial Times. “We are relatively confident.”
GAC is a 50:50 partner with Japanese rivals Honda and Toyota, both of which have successful joint ventures in Guangzhou, capital of southern Guangdong province. GAC is controlled by the Guangzhou municipal government.
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