GAC Aion Acquires GAC Mitsubishi for Nearly 2 Billion Yuan

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On March 20, 2024, the 59th meeting of the 6th Board of Directors of Guangzhou Automobile Group Co., Ltd. was held. After voting by the directors present, it was agreed that the company will transfer 100% of the equity of Hunan Zhixiang Automobile Management Co., Ltd. to its holding subsidiary GAC Aion New Energy Automobile Co., Ltd., and the transfer price was determined to be 191,430,000 yuan; At the same time, it was agreed that GAC Aion would acquire 100% of the equity of Zhixiang Company and inject 1.858 billion yuan into it. The specific information is as follows:

According to previous news, GAC-Mitsubishi Automobile Co., Ltd. has officially changed its name to Hunan Zhixiang Automobile Management Co., Ltd. At the same time, Mitsubishi Motors Corporation and Mitsubishi Corporation have withdrawn from the shareholder list. According to the industrial and commercial information, after the change, the company’s business scope has added new energy vehicle sales and mechanical parts sales, and it is controlled by Guangzhou Automobile Group Co., Ltd. with a registered capital of 1.947 billion yuan.

According to the latest plan, GAC Aion will use the GAC Mitsubishi factory to increase production capacity and plans to achieve mass production in June 2024. After the completion, GAC Aion will form a basic production capacity of 600,000 units per year, which will help Aion achieve its strategic goal of producing and selling 1 million units in 2025.