History
Changfeng has its origins in No.7319 Factory, which was a small repair facility for military equipment. Production of SUVs (license built Beijing BJ2020s) began in 1988, and the company's name became Changfeng Auto Manufacturing in 1996. The 1991 Mitsubishi Pajero has been built by Changfeng since 1995.
In 2009 the company changed its name from Hunan Changfeng Motor Co to GAC Changfeng Motor Co Ltd.
- Acquisition by GAC Group
Prior a minority shareholder with only 29% ownership, GAC Group took control of Changfeng in 2012 after a long run-up dating from 2009 that included promises to turn the company into a joint venture with Mitsubishi. Previously, 21.98% of the company was owned by Changfeng Group and another 14.59% by Mitsubishi. These stakes were sold in 2011. As a result of being acquired by GAC, the company was delisted from the Shanghai stock exchange from March 20, 2012.
During the acquisition process, Changfeng's Shanghai listed stock fluctuated wildly, leading to its suspension from October 28, 2010, until sometime after March 17, 2011.
In late 2010, Mitsubishi and Guangzhou Automobile Group signed a memorandum of understanding to set up a new equally owned joint venture by restructuring Changfeng. Although this would have seen Mitsubishi increase its ownership to fifty percent, in 2011 Mitsubishi sold its entire stake in the company. Changfeng's official website continued to list this Japanese carmaker as a shareholder as of mid-2012, however.
In 2011, it was reported that GAC would take control of Changfeng's Lièbào brand, which markets SUVs based on the Mitsubishi Pajero built in Changsha and Yongzhou. Production in Changsha would be discontinued after the transfer to GAC.
- State as primary customer
The company has historically manufactured primarily for Chinese state use. As of 2008 most sales, close to seventy percent, were to police, military, and other government agencies.
Read more about this topic: Changfeng Automobile
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