GAC Group and Chery Automobile Sign Strategic Alliance Cooperation Agreement

GAC Group and Chery Automobile established the first strategic alliance of the domestic automobile industry, breaking through the traditional cooperation mode of the industry.

The two sides will carry out in-depth cooperation and sharing in various areas such as the R&D of vehicles, core components and new energy, and system capacity building.

The cooperation between the two sides will better integrate superior resources, accelerate the overall core competitiveness of China's auto industry, and create a new model for independent development. At the same time, it provides new ideas for the adjustment of China's industrial economic development model.

On November 6th, GAC Group and Chery Automobile announced the establishment of a strategic alliance in Diaoyutai State Guesthouse in Beijing. The two parties formally signed a strategic alliance cooperation framework agreement. Leaders at various levels including national ministries and commissions, Guangdong Province and Anhui Province, Guangzhou City and Wuhu City, signatories and more than 100 domestic and foreign media friends from across the country witnessed the signing ceremony.

According to the agreement, the partners are guided by the principle of “sincere, equal, pragmatic, open, and mutual benefit” in vehicle development, powertrain, key components, R&D resources, energy-saving and new energy vehicles, international business, manufacturing management, etc. Cooperation in the field. The signing and implementation of the agreement will help GAC Group and Chery Automobile complement each other's strengths, rapidly increase their core competitiveness, and achieve a win-win development. It marks the first time that domestic domestic auto companies have established strategic alliance partnerships; it is not only the implementation of national automobile industry policies. Actual action is also a bold exploration and practice of further enriching the experience of cross-regional cooperation in China's auto industry, and will have a positive impact on the development and growth of China's auto industry.

Zhang Fangyou, chairman of Guangzhou Automobile Group, and Yin Tongyue, chairman of Chery Automobile, both stated that the establishment of strategic partnership between the two sides will help to effectively integrate the advantages of resources, enhance the company’s core competitiveness, and at the same time generate positive results for the development of the entire Chinese automobile industry and related industries. Influence and contribute to the construction of the overall core competitiveness of the Chinese automobile industry and the development of the entire automotive industry.

Both GAC Group and Chery Automobile are companies that have focused on supporting the integration of resources in the automotive industry. At present, GAC Group has formed an industry structure in which the six business segments of passenger vehicles, commercial vehicles, parts and components, motorcycles, and automobile services, including finance, insurance, and technology research and development develop together, in joint venture and cooperation, capital operation, manufacturing, and lean management. Other areas have formed certain advantages.

Chery Automobile is a domestic independent branding company with independent R&D capabilities, independent intellectual property rights and core technologies for complete vehicles, engines and some key components. It has now become the largest R&D, production, sales and export enterprise of self-owned brand passenger vehicles in China. . The cooperation between the two sides is conducive to complementing each other's advantages, further expanding and strengthening the automobile industry in the two provinces of Guangdong and Fujian, and promoting the structural adjustment and industrial upgrading of the Chinese automobile industry.

Through more than ten years of hard exploration since China's accession to the WTO, China’s auto development has achieved remarkable results. In recent years, with the adjustment and upgrading of the consumer market, the automotive market, and the overall economic development structure, higher demands have been placed on the Chinese automobile industry. How to find a breakthrough path, achieve effective competition with international advanced brands, and achieve a high level of development are core topics that Chinese autos and all independent innovation companies need to solve. The strategic cooperation between GAC Group and Chery Automobile provided new models and ideas for how Chinese auto companies can cope with the increasingly fierce competitive environment, effectively integrate superior resources, and establish market status. It is also a powerful force for the entire Chinese economy in structural upgrading and industrial transformation. practice.

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