GAC Mitsubishi

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GAC Mitsubishi Motors Co., Ltd.
GAC Mitsubishi
Company type Joint venture
Industry Automotive
Founded25 September 2012;11 years ago (2012-09-25)
FateAcquired and absorbed by GAC Aion in 2024
Headquarters
Changsha
,
China
Area served
China
Products Automobiles
Owner GAC Group (50%)
Mitsubishi Motors (30%)
Mitsubishi Corporation (20%)
Website www.gmmc.com.cn

GAC Mitsubishi Motors Co., Ltd. was a joint venture automobile manufacturing company headquartered in Changsha, China. [1] Established in 2012, it was the second vehicle manufacturing joint venture of Mitsubishi Motors in China after Soueast.

Contents

The company was dissolved in 2023 as a joint venture and was acquired by GAC Aion. [2]

History

The company was founded on September 25, 2012. [3] The GAC Group holds 50%, Mitsubishi Motors 30% and Mitsubishi Corporation 20%. [4] Other sources give 50%, 33% and 17%. [5]

In the same year the production of automobiles began. The brand name is Mitsubishi. The plant had a production capacity of 100,000 vehicles in 2016. [3] Engines have also been manufactured since 2018. [6]

In 2019, GAC Mitsubishi Motors' annual sales were 133,000 vehicles; in 2020, annual sales were 75,000 vehicles; in 2021, they dropped to 66,000 vehicles; in 2022, they dropped to 33,600 vehicles. In the first quarter of 2023, GAC Mitsubishi's vehicle sales were 3,969 units, a year-on-year decrease of 58%. Because sales did not meet expectations, there was news that Mitsubishi would withdraw from China. However, Mitsubishi Motors President Takao Kato denied it in May 2023 and said that it was necessary to carry out structural reforms for the company. [7]

On 27 September 2023, Mitsubishi Motor announced its decision to quit the Chinese market. According to the statement of Mitsubishi Motor, the company can't cope with the fierce competition in Chinese market and judged that the joint venture would not be profitable anymore. [8] [9]

On October 24, 2023, GAC Group announced the restructuring plan of GAC Mitsubishi [10] . In terms of debt repayment, the three shareholders jointly increased investment in GAC Mitsubishi and its sales company to repay debts. In terms of share changes, GAC Group acquired 30% and 20% of the equity of GAC Mitsubishi held by Mitsubishi Motors and Mitsubishi Corporation respectively for a consideration of RMB 1. At that time, GAC Mitsubishi will become a wholly-owned subsidiary of GAC Group; and GAC Mitsubishi Motors Sales Company under GAC Mitsubishi will be jointly held by GAC Group, Mitsubishi Motors and Mitsubishi Corporation, and will continue to provide spare parts and after-sales services to the original GAC Mitsubishi owners. In terms of production, the company will stop the production of Mitsubishi brand models, and the production capacity will be taken over by GAC Aion. GAC Mitsubishi intends to sell some available equipment to GAC Aion, and the land and factory buildings will be leased to GAC Aion. [11]

On March 3, 2024, GAC Mitsubishi Motors Co., Ltd. was officially renamed Hunan Zhixiang Automobile Management Co., Ltd. [12] . On the 20th of the same month, GAC Group issued an announcement that it plans to transfer 100% of the equity of Hunan Zhixiang Automobile to its holding subsidiary GAC Aion, which will also inject capital into the company with its own funds. [13]

Vehicles

Mitsubishi Eclipse Cross Mitsubishi Eclipse Cross China 2019-03-20.jpg
Mitsubishi Eclipse Cross

Mitsubishi ASX, Outlander and Pajero were recorded for 2016. [3] A source from 2020 confirms these three models and also names the Eclipse Cross. [14] According to this source, the Pajero was produced until 2015, [15] the ASX since 2013, [16] the Outlander since 2016, [17] while no period is given for the Eclipse Cross. [18]

The Mitsubishi Airtrek was produced by GAC Mitsubishi starting from the 2022 model year. [19]

Eupheme

Mitsubishi Eupheme GAC-Mitsubishi Eupheme 001.jpg
Mitsubishi Eupheme

Eupheme is the brand of the GAC Mitsubishi joint venture. The Eupheme PHEV and Eupheme EV are the two products sold and manufactured by GAC Mitsubishi under the brand. [20]

Sales figures

56,700 vehicles were built in 2016. [3]

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References

  1. ↑ Bloomberg (retrieved 31 May 2020)
  2. ↑ "【图】广汽埃安斥资近20亿接盘广汽三菱！_汽车之家". www.autohome.com.cn. Retrieved 2024-03-21.
  3. 1 2 3 4 Annual Report der GAC Group (retrieved 31 May 2020)
  4. ↑ Angaben des Unternehmens (retrieved 31 May 2020) (in Chinese)
  5. ↑ Mitsubishi SUV für China Archived 2020-05-31 at the Wayback Machine (retrieved 31 May 2020)
  6. ↑ GAC Mitsubishi Motors begins engine production in China 20 October 2018. (retrieved 31 May 2020)
  7. ↑ "三菱CEO：不会退出中国市场 "结构改革是必要的"". 中国新闻网. 2023-05-10. Archived from the original on 2023-10-26. Retrieved 2023-10-26.{{cite news}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  8. ↑ "三菱自が中国生産撤退へ、合弁相手の広汽集団と最終調整－報道（Bloomberg）". Yahoo!ニュース (in Japanese). Archived from the original on 2023-09-29. Retrieved 2023-09-27.
  9. ↑ "三菱自、中国生産撤退へ ガソリン車低迷、合弁先と詰めの協議（時事通信）". Yahoo!ニュース (in Japanese). Archived from the original on 2023-09-27. Retrieved 2023-09-27.
  10. ↑ "广州汽车集团股份有限公司 关于广汽三菱重组的关联交易公告" (PDF). 广汽集团. 2023-10-24. Archived (PDF) from the original on 2023-10-26. Retrieved 2023-10-26.
  11. ↑ 郑嘉维 (2023-10-24). "盘活优势资源，广汽三菱战略重组". 第一财经. Archived from the original on 2023-10-26. Retrieved 2023-10-26.{{cite news}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  12. ↑ 姚宇 (2024-03-03). "注册资本19.47亿！广汽三菱正式更名为湖南智享汽车". 汽车之家. Retrieved 2024-03-04.{{cite news}}: |archive-date= requires |archive-url= (help); Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  13. ↑ 叶玲珍 (2024-03-21). "广汽埃安拟受让智享汽车并注资 解决产能瓶颈". 证券时报. Retrieved 2024-03-21.
  14. ↑ carsalesbase zur Marke Mitsubishi in China (retrieved 31 May 2020)
  15. ↑ carsalesbase zum Mitsubishi Pajero (retrieved 31 May 2020)
  16. ↑ carsalesbase zum Mitsubishi ASX (retrieved 31 May 2020)
  17. ↑ carsalesbase zum Mitsubishi Outlander (retrieved 31 May 2020)
  18. ↑ carsalesbase zum Mitsubishi Eclipse Sport (retrieved 31 May 2020)
  19. ↑ "Mitsubishi Reveals Airtrek EV, Is It Based On GAC's Aion V?". insideevs.com. November 19, 2021. Retrieved 7 December 2021.
  20. ↑ China: GAC-Mitsubishi startet Fertigung des Eupheme EV 17 October 2018. (retrieved 31 May 2020)
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