December 18, 2007
Guangzhou Automobile Group and Hino establish a joint venture in Guangzhou, ChinaGuangzhou Automobile Group Co., Ltd.
Hino Motors, Ltd.
After receiving the formal approval of the Chinese government, Guangzhou Automobile Group Co., Ltd. (Guangzhou Automobile Group) and Hino Motors, Ltd. (Hino) have established a new joint venture, Guangqi Hino Motors Co., Ltd. (Guangqi Hino). As a joint capital investment, Guangqi Hino obtained the license from the related Chinese government department, for the production and sales of commercial vehicles.
For the development of commercial vehicles of Guangzhou Automobile Group and the business development of Hino in China, Guangqi Hino was established in line with the Chinese automobile industry development policy under the support of central government and the local governments of Guangzho and Shenyang cities. The establishment was based on reorganization of Guangzhou Yangcheng Automobile Co., Ltd. (a company invested in by Guangzhou Automobile Group) and Shenyang Shenfei Hino Automobile Manufacturing Co., (a company invested in by Hino). Guangqi Hino continues to produce Yangcheng Automobile’s existing products at its present factory, and is constructing a new factory in Conghua, Guangzhou city, with plans to commence production in the middle of 2009.
The Guangzhou Automobile Group was established in 1997 and restructured into a corporation in 2005. Its major business activities are development, production, sales, and services related to vehicle and automobile parts. At present, Guangzhou Automobile Group directly or indirectly holds equity in several companies including Guangzhou Honda Automobile, Guangzhou Toyota Motor, Honda Automobile (China) and Guangqi Toyota Engine and manufactures passenger vehicles, commercial vehicles, car engines and major automobile parts.
Founded in 1910, Hino was established in 1942 and is now Toyota Group’s commercial vehicle manufacturer. After forming a business tie-up with Toyota Motor Corporation in 1966, the company became a subsidiary of Toyota in 2001. In addition to its main products, which are trucks and buses, as well as various engines and parts, Hino has been consigned to manufacture Toyota Brand vehicles, and has an output of about 200,000 units per year. Hino has maintained the top share in the heavy and medium-duty truck market in Japan for 34 years consecutively. Exporting about 1,500 heavy-duty trucks to China per year, Hino is highly appreciated for its durability, economy and reliability.
Guangqi Hino aims to contribute to the development of the whole domestic truck industry in China by providing advanced emission gas technology, fuel efficiency technology and high quality products.
Guangzhou Automobile Group and Hino are scheduled to have an establishment ceremony of Guangqi Hino on December 24th.
Guangqi Hino’s details are as follows:
-Company Name: Guangqui Hino Motors Co., Ltd.
-Headquarters: Pearl Industrial Park, Conghua, Guangzhou, Guangdong
-Legal representative: Zeng Qinghong (Guangzhou Automobile Group)
-Founded: November 28, 2007
-Capital: 1.5 billion Chinese Yuan
-Shares: Guangzhou Automobile Group: 50%, Hino: 50%
-Business: Development, design, production, sales, and after sales service of commercial vehicles, chassis, and parts, such as engines
-Site area :1,060,000㎡
-Number of employees: Approx. 900 (When Conghua Factory operates)