Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen soft media user 1447293 for the clue delivery! CTOnews.com October 24 news, GAC Group issued an announcement, saying that it plans to GAC Mitsubishi, GAC Mitsubishi Automobile Sales Company equity adjustment and other restructuring matters.

After the reorganization, GAC Mitsubishi will become a wholly-owned subsidiary of GAC Group, while GAC Ai 'an will use GAC Mitsubishi factory to increase production and capacity, and plans to realize mass production in June 2024.

The reorganization matters mentioned here by GAC Group such as equity adjustment to GAC Mitsubishi and Guangsan Sales Company mainly include the increase of investment by the shareholders of the three parties to GAC Mitsubishi and Guangsan Sales Company for paying off debts, among which the investment of the company shall not exceed RMB 1.577 billion yuan, and the total investment of the shareholders of the other two parties shall not be less than the increased investment amount of the company.

In addition, the company will also acquire 30% and 20% equity of GAC Mitsubishi held by Mitsubishi Motors and Mitsubishi Corporation respectively at a consideration of 1 yuan. After the completion of the transfer, GAC Mitsubishi will become a wholly-owned subsidiary of the company.

According to introduction, GAC Mitsubishi will sell 50% equity, 30% equity and 20% equity of GAC Mitsubishi Sales Company to the company, Mitsubishi Automobile and Mitsubishi Corporation respectively at a consideration of 1 yuan.

At the same time, in order to ensure the daily operating capital needs, the shareholders of the three parties plan to increase the capital of 450 million yuan to the Guangsan Sales Company after the completion of the transfer, of which the Company will increase the capital of 225 million yuan.

CTOnews.com with original announcement:

GAC's joint venture plant with Mitsubishi, located in Changsha, Hunan Province, opened in 2012, but suspended operations and production at the plant in March. At present, Mitsubishi, which mainly produces fuel vehicles, is "struggling" in the Chinese market because pure electric and plug-in hybrid vehicles are increasingly dominant in the Chinese market, and Mitsubishi now plans to shift its focus to Southeast Asia.

▲ The official website of GAC Mitsubishi CTOnews.com previously reported that Mitsubishi Motors last reported the news of "shutdown" on September 27, which was reported by Nikkei News. Mitsubishi has begun final exit talks with GAC, and other Japanese automakers are struggling and may review their strategies in the Chinese market, it said.

At present, GAC Group holds 50% shares of GAC Mitsubishi, Mitsubishi Motors holds 30% shares and Mitsubishi Corporation holds 20% shares. With the divestment of Mitsubishi Motors and Mitsubishi Corporation, GAC Group is expected to use the Hunan plant to produce electric vehicles.

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