According to reports from related media, information obtained from GAC Group reveals that the board of directors has reviewed and approved the "Announcement of Related Transactions Regarding the Restructuring of GAC Mitsubishi". Proposals for equity adjustments and other restructuring matters concerning GAC Mitsubishi and GAC Mitsubishi Automobile Sales Company are set to proceed.
Upon completion of the restructuring, GAC Mitsubishi will become a wholly-owned subsidiary of GAC Group. GAC Aion will utilize GAC Mitsubishi's factories to increase production capacity. GAC Mitsubishi Automobile Sales Company will remain a joint venture between GAC Group, Mitsubishi Motors, and Mitsubishi Corporation, continuing to provide spare parts and after-sales services to GAC Mitsubishi vehicle owners. This restructuring has averted the dissolution and liquidation of GAC Mitsubishi.
As the most crucial carrier for GAC Group's new energy ventures, GAC Aion is the group's vanguard in embracing challenges of the changing times. In the recently concluded September, GAC Aion's sales surpassed the 50,000 mark again, with a cumulative sales of 351,000 vehicles from January to September, a year-on-year increase of 92.51%. At present, Aion's two factories are rapidly ramping up production. Based on the existing capacity of 400,000 units per year, they are striving to achieve an annual production and sales target of 500,000 units.
As per the latest plans, GAC Aion will use GAC Mitsubishi's factory to expand its production, aiming for mass production by June 2024. Once completed, GAC Aion will have a basic capacity of 600,000 units per year, positioning Aion to achieve its strategic goal of producing and selling 1 million units by 2025.
Addressing concerns about the post-restructuring scenario of GAC Mitsubishi, the announcement indicates that the GAC Mitsubishi Automobile Sales Company, established by GAC Group in collaboration with Mitsubishi Motors and Mitsubishi Corporation, will continue to provide vehicle owners with high-quality spare parts and excellent after-sales services.
