GAC takes on Gonow by $96 mln
- Source: Global Times
- [14:33 December 30 2010]
- Comments
Guangzhou Automobile Group Co (GAC) has dropped a hefty 642 million yuan ($96.6 million) on its recent purchase of a 51-percent equity in Zhejiang Gonow Auto, according to China Business News on Wednesday.
Auto expert Han Song said that this purchase is very worthwhile as it not only enables GAC to engage in the micro-car market but also expand its market to the Yangtze River Delta and Shandong Province.
Gonow Auto, based in Zhejiang Province, has three vehicle production plants, two marketing companies and seven auto-parts makers.
The registered capital of the joint venture is 1.26 billion yuan ($190 million).
