GUANGZHOU – GAC-Mitsubishi Motors Co., Ltd. will offer no more than ¥348 million ($54.5 million) for 100 percent controlling stake in Mitsubishi Motors Sales (China) Co., Ltd., the sole distributer of imported Mitsubishi vehicles in China, according to a statement from parent company Guangzhou Automobile Group Corp. (GAC) on November 19.
GAC will also infuse no more than ¥174 million into GAC-Mitsubishi.
In the board meeting on November 19, GAC also passed its 13th Five-Year Plan, which is centered on a “1513” Strategy: the first “1” stands for the target of reaching 3 million units in annual output capacity with a utilization rate of 80 percent by the end of 2020; the “5” stands for strengthening of R&D, whole vehicles, components, business trade and financial services; the second “1” stands for a leap in independent brand development; and the “3” stands for breakthroughs in electrification, globalization and digitalization. Through this “1513” Strategy, GAC hopes to elevate its core competitiveness and achieve sustainable development.
GAC-Mitsubishi was co-founded by GAC, Mitsubishi Motors and Mitsubishi Corp. in 2012, and Mitsubishi Motors Sales (China) is backed by Mitsubishi Motors and Mitsubishi Corp.