Guangzhou Automobile Group (HKG:2238, SHA:601238), or GAC, terminated its Shanghai Hino Engine joint venture with Hino Motors (TYO:7205) to realign its investment toward new energy trucks, Yicai Global reported Thursday.
The dissolution will not hurt GAC's operations, the report said.
Shanghai Hino, set up in 2003, was 30% held by GAC with Hino holding the rest. The JV logged a net loss of 61 million yuan from the sale of 1,874 vehicles in 2023 and revenue of 234 million yuan, according to Yicai.
GAC also boosted its stake in new energy truck JV GAC Hino to 90% by increasing its registered capital to 2.9 billion yuan from 2.2 billion yuan, Yicai said.
Shares in GAC closed 3% in Hong Kong on Friday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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