Guangzhou Auto posts record profits $1.38 B last year.

January 28, 2008 – Guangzhou Automobile Industry Group posted a record net profit of RMB 10 billion ($1.38 billion) last year, the company announced last week.

The company’s sales revenue last year reached a record 100 billion yuan ($13.79 billion) last year. Analysts said the robust sales increase of Guangzhou Honda and Guangzhou Toyota are driving forces behind Guangzhou Auto’s phenomenal profit growth.

In comparison with FAW Group, Dongfeng Group and Shanghai Auto, Guangzhou Auto is still lagged much behind in automobile output, but not in net profits. Last year, both FAW Group and Shanghai Auto net profits reached 12.3 billion yuan ($1.70 billion).

Guangzhou Auto currently has two Japanese joint ventures: Guangzhou Honda and Guangzhou Toyota.

Guangzhou Honda produces Accord, Fit, City and Odyssey vehicles. Last year, Guangzhou Honda sold 295,299 Honda vehicles. Guangzhou Toyota sold Camry (Yaris will be produced this year). Last year, Guangzhou Toyota sold 170,294 Camry vehicles.

source: Gasgoo.com

Johnson Controls forms JV with Guangzhou Auto

November 26, 2008

Shanghai, November 26 (Gasgoo.com) Global automotive interiors supplier Johnson Controls signed an agreement on Monday with China Guangzhou Automobile Group Component Co., Ltd. (GACC), a subsidiary of Guangzhou Automobile Industry Group Co., Ltd. (GAIG), to build a joint venture plant in Guangzhou, according to the company's press release.

The new venture, called Guangzhou GACC-Johnson Controls Automotive Interior Systems Co, will focus on the design, development, engineering and manufacture of automotive interior products and systems such as instrument panels and floor consoles.

Construction is scheduled to be completed by 2009 and it is expected to offer efficient just-in-time service to customers in southern China when production started in early 2010.

Established on August 28, 2000, GACC is the wholly-owned company of GAIG with registered capital of 185.68 million yuan. It has 16 enterprises and the total assets under its jurisdiction are worth 7 billion yuan. It currently employs 8,300 personnel and provides products and related services to Guangzhou Honda, Dongfeng Nissan, Guangzhou Toyota and other car manufacturers.

http://www.gasgoo.com/auto-news/1008521/Johnson-Controls-forms-JV-with-Guangzhou-Auto.html