Guangzhou Automobile Group or GAC (HKG:2238, SHA:601238) is looking to expand into the European market, citing the global transition into electric vehicles from fossil fuel-powered cars, Yicai Global reported Wednesday.
General Manager Feng Xingya said the Chinese carmaker aims to sell its vehicles to all of Europe by 2028, starting with the entry of its models in some countries this year, according to the report.
GAC is planning to build a European transit warehouse in 2025 to improve the efficiency of its parts supply, Yicai Global wrote. It will consider building a plant in Europe once it achieves sufficient demand for its vehicles in the region.
The carmaker's sales fell 25% year over year to 182,626 units in September. For the nine months of 2024, vehicle sales dropped 26% to 1.3 million units.
(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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