History
Guangzhou Automobile Group Co Ltd was founded in 1997, and by 2005 it had become a holding of Guangzhou Automobile Industry Group and a joint-stock company. As of 2009 it is the 6th largest automaker in China.
In 2009, the company acquired 29% of Changfeng Automobile and became this sport-utility vehicle maker's biggest shareholder.
Through a share swap with Denway Motors, a company listed on the Hong Kong Stock Exchange that the company held 37.9%, GAC became listed in Hong Kong in 2010.
In 2010 shareholders of Denway Motors approved the privatization by GAC. Denway Motors was delisted on 25 August 2010 and replaced by Guangzhou Automobile Group (SEHK: 2238) on 30 August 2010 via stock swap.
In late 2010 GAC purchased 51% ownership of Gonow, a midsize Chinese automaker of sport-utility vehicles, subcompacts, and pickup trucks.
In December 2010 GAC launched the new Trumpchi marque, with its first products based on the platform of the Alfa Romeo 166.
In 2010 the company was among the top ten largest Chinese carmakers reaching number six and selling 724,200 vehicles.
2011 saw the company retain its rank as the sixth largest Chinese automaker by production volume, and GAC made 740,400 vehicles that year.
In early 2012, the company was listed on the Shanghai Stock exchange.
Read more about this topic: Guangzhou Automobile Group
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