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China’s GAC keeps target of 3% sales growth despite coronavirus pressure


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FILE PHOTO: A man walks past the logo of Chinese automobile maker GAC Group at the company headquarters in Guangzhou, Guangdong province, China October 24, 2019. REUTERS/Yilei Sun

BEIJING (Reuters) – Chinese automaker GAC (601238.SS), which has partnered with Toyota (7203.T), Honda (7267.T) and FCA (FCHA.MI), will stick to an annual target of 3% in sales growth this year despite fallout from the coronavirus pandemic, its chairman said.

In a written reply to questions from Reuters, Chairman Zeng Qinghong said the automaker based in the southern city of Guangzhou was studying recovery plans after the virus hit auto sales in China, the world’s biggest market.

More than 80% of GAC’s supply chain for parts is localised and the firm has two to three months’ stock of imported parts, he said, adding that it faces no short-term risk of shortage in supply of such parts.

GAC will research the exports of electric vehicles and launch more electric models under its venture with FCA (FCHA.MI), Zeng said.

Reporting by Yilei Sun and Brenda Goh; Editing by Clarence Fernandez

feeds.reuters.com 2020-05-27 03:33:32

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