Changfeng Motor
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| Type | Subsidiary of Guangzhou Automobile Group |
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| Industry | Automotive |
| Founded | 1950 (Original establishment) 1996 (CMC establishment) |
| Headquarters | Changsha, Hunan, China |
| Products | Automobiles |
| Website | GAC Changfeng Motors Official website (Chinese) |
| Changfeng Motor | |||||||
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| Simplified Chinese | 广汽长丰汽车股份有限公司 | ||||||
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GAC Changfeng Motor Co Ltd[1] is a Chinese automobile manufacturer and is wholly owned by GAC Group.[2] Changfeng produces mainly pickups,[3] and SUVs and most sales have been to the Chinese state.[4]
The company has manufactured license built Mitsubishi Pajeros, sold in China under the Mitsubishi brand,[5]Pajero variations that sell under the brand name Lièbào,[6] which means cheetah, and three variations of Mitsubishi pickups: Fine, Flying, and Kylin.[3] The latter takes its name from a mythical Chinese beast, the qilin.
History
Changfeng has its origins in No.7319 Factory,[7] which was a small repair facility for military equipment.[8] 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.[7]
In 2009 the company changed its name from Hunan Changfeng Motor Co to GAC Changfeng Motor Co Ltd.[9]
- Acquisition by GAC Group
Prior a minority shareholder with only 29% ownership,[10]GAC Group took control of Changfeng[2] in 2012 after a long run-up dating from 2009[11] that included promises to turn the company into a joint venture with Mitsubishi.[10] Previously, 21.98% of the company was owned by Changfeng Group[12] and another 14.59% by Mitsubishi.[11] These stakes were sold in 2011.[2] As a result of being acquired by GAC, the company was delisted from the Shanghai stock exchange from March 20, 2012.[13]
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.[14]
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.[15] Although this would have seen Mitsubishi increase its ownership to fifty percent,[10] in 2011 Mitsubishi sold its entire stake in the company.[2] Changfeng's official website continued to list this Japanese carmaker as a shareholder as of mid-2012, however.[16][dead link]
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.[17]
- State as primary customer
The company has historically manufactured primarily for Chinese state use. As of 2008 most sales, close to seventy percent,[4] were to police, military, and other government agencies.[18]
Mitsubishi
Since 1995, Changfeng has produced license-built Mitsubishi vehicles for both military and civilian use,[19] and until 2011 this Japanese automaker held 15% ownership of the company.[2]
Passenger car
The company premiered a concept car in 2009 Auto Shanghai and[20] a sedan, the CP2, was revealed at the 2011 Shanghai autoshow.[21]
Export
While most of Changfeng's sales are domestic, since 2006 the company has also exported vehicles to Russia,[18] the Middle East, and Africa.[22]
Production bases
Changfeng has assembly plants in Yangzi, Anhui province, Changsha, and Yongzhou, Hunan province; component factories in Hengyang, Hunan and in Huizhou, Guangdong province.[3][23]
Sales
It was reported that the company sold between 30,000 to 50,000 vehicles a year from 2009 to 2011.[24]
References
- ^ "广汽长丰汽车股份有限公司 600991" [Guangzhou Automobile, Changfeng Automobile Co., Ltd. (600991)]. Shanghai Stock Exchange. Retrieved June 23, 2012.
- ^ a b c d e Lee, Carmen (February 10, 2012). "GAC Group's application to acquire Changfeng gains written approval". Automotive News. gasgoo.com. Retrieved June 23, 2012.
- ^ a b c Mark Bursa (Jan 24, 2007). "EMERGING MARKETS ANALYSIS: Changfeng Motor 'goes Borat'". Just-auto.
- ^ a b Changfeng Motors, Mitsubishi to expand cooperation hktdc.com, 15 Jan 2008
- ^ Pajero Changfeng Official Site (Web Archive)
- ^ Guangzhou Auto Acquires Small SUV Maker Changfeng Motor chinabuses.com, 2009-05-31
- ^ a b World of Cars 2006·2007. Warsaw, Poland: Media Connection Sp. z o.o. 2006. p. 228.
- ^ The Chinese are coming! Superexcellent! Changfeng is latest Chinese automaker with U.S. dreams motortrend.com, January 9, 2007
- ^ "Hunan Changfeng Motor Co announcement on the company name and the securities referred to change". Changfeng Motor. December 25, 2009. Retrieved June 23, 2012.
- ^ a b c GAC to form Mitsubishi JV based on GAC Changfeng reuters.com, Sat Nov 6, 2010 1:32am EDT
- ^ a b Yan, Fang, and Klamann, Edmund (Tue May 19, 2009 3:24am EDT). "UPDATE 1-Guangzhou Auto to buy into Changfeng Motor -source". Reuters.com. Retrieved 2010-12-21.
- ^ Lagging far behind, Mitsubishi looks to new joint partnership peopledaily.com.cn, November 15, 2010
- ^ Jin Jing (Mar 28, 2012). "State auto group is first to dual list". Shanghai Daily.
- ^ For 2009 volatility, see "Hunan Changfeng Motor Co stock exchange notice unusual fluctuations". Changfeng Motor. February, 2009. Retrieved June 23, 2012.
- For suspension start date and reason, see "Guangzhou Automobile, Changfeng Automobile Co., Ltd. On major issues suspension notice". Changfeng Motor. October 28, 2010. Retrieved June 23, 2012.
- For suspension duration, see "Guangzhou Automobile, Changfeng Automobile Co., Ltd. Continue the suspension announcement". Changfeng Motor. March 17, 2011. Retrieved June 23, 2012.
- ^ "Mitsubishi, GAC Sign Joint Venture MOU, to Build ASX Compact SUV". ChinaAutoWeb.com.
- ^ "公司简介". GAC Changfeng Motor Co Ltd. Retrieved June 23, 2012.
- ^ Carmen Lee (Jan 20, 2011). "Liebao to become GAC's second own brand". Gasgoo.
- ^ a b Mitsubishi, Changfeng to form China auto JV chinadaily.com, 2008-01-15
- ^ Mitsubishi Pajero to become a Changfeng Pajero? chinacartimes.com 25 JUNE 2009
- ^ "Changfeng Acumen at 2009 Guangzhou Auto Show". Inside Line. Nov 25, 2009.
- ^ Carmen Lee. "GAC Changfeng to bring new sedan to Auto Shanghai 2011". Gasgoo.
- ^ "China SUV maker Changfeng plans U.S. debut", Reuters.com (Thomson Reuters), 2007-01-08
- ^ "Anhui Changfeng Yangzi Motor Man Co., Ltd.". China Chamber of Commerce for Import and Export of Machinery and Electronic Products.
- ^ "GAC Changfeng Motor". China Auto Web.
External links
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Wikimedia Commons has media related to: Changfeng vehicles |
- GAC Changfeng Motors Official website (Chinese)
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