(Gonow’s GS1 model)
Gonow Auto Co., Ltd., a Zhejiang-based, private-owned automaker, marries GAC, or Guangzhou Automobile Group Co.. On April 26, a ceremony was hold in Hangzhou, Zhejiang, to officially seal the deal. GAC will have a stake of 51% in the restructured company, now called GAC Gonow, and Gonow 49%. Analysts point out that the acquisition is one of several important steps GAC recently took in connection with its application for Hong Kong listing.
GAC is presently the sixth biggest Chinese auto manufacturer in terms of sales volume, and a main partner of both Toyota and Honda in China. Gonow, known as Ji’ao in Chinese, was established in 2003, and produces mainly SUVs, pick-ups, and mini-vans.