Chinese automaker GAC Group targets sales of 500,000 vehicles overseas by 2030

Guangzhou Automobile Group Co., Ltd. (GAC Group, 601238.SH) aims to sell 500,000 vehicles overseas by 2030, said Feng Xingya, general manager of GAC Group, in a recent interview with China Securities Journal. 

In 2023, the GAC Group sold 75,800 vehicles in overseas markets, up 130 percent year on year. The company’s business is present in 41 countries and regions, with a total of 236 overseas sales outlets, Feng added. 

In recent years, the GAC Group has quickened the pace of overseas presence. For example, it established multiple assembly plants in regions such as Africa and Southeast Asia. Among them, vehicles were assembled successfully in Nigeria and Tunisia and ready to hit the market. 

Construction started on the first overseas production base of the GAC Aion, an NEV subsidiary of GAC Group. The project in Thailand is designed to have an annual production capacity of 50,000 vehicles, with an investment of 2.3 billion Thai Baht (about 62.95 million U.S. dollars). The first phase of the project is expected to be completed in July this year, according to Feng.

In 2024, the GAC Group will step up efforts to develop global best-selling models, achieve breakthroughs in key markets, and accelerate the construction and operation of completely knocked down (CKD) factories in Thailand, Malaysia, and other places. Moreover, it will focus on expanding its presence in overseas key markets such as Saudi Arabia and Mexico. 

Last year, GAC Group achieved both production and sales of over 2.5 million vehicles, ranking among the top five automakers in China. Notably, the sales volume of its new energy vehicles (NEVs) reached 549,602 units, up 77.55 percent year on year.  (Edited by Hu Pingchao, Xie Weijia, hupingchao@xinhua.org)