GAC Honda's new energy vehicle production capacity expansion project is scheduled to start in October this year and be completed in 2024, according to a recent announcement by Guangzhou Public Resources Trading Center.
The project, with a total investment of about RMB 3 billion ($460 million), will be able to produce 120,000 new energy vehicles per year after completion.
From January to July, GAC Honda's production and sales volumes were 416,800 and 432,000 units respectively, up 4.2 percent and 10.7 percent year-over-year respectively, according to data released by GAC Group (HKG: 2238) on August 6.
GAC's sales in July reached 183,000 units, up 4.4 percent year-over-year and up 1.2 percent from June.
The group produced 1.165 million vehicles from January to July, up 16.6 percent year-over-year and 4.5 percent from 2019.
GAC sold a total of 1.207 million vehicles from January to July, up 19.7 percent year-over-year and 4.3 percent from the same period in 2019.
GAC Chairman Zeng Qinghong said in late July that it aims to reach 3.5 million vehicles in both production and sales by 2025, with a compound annual growth rate of more than 10 percent and a market share of more than 12 percent.
The company wants new energy vehicles to account for 20 percent of total sales by 2025 and 50 percent by 2035.
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(Photo source: GAC Honda)
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