On June 7, Brazilian Vice President Geraldo Alckmin paid an official visit to China, during which he held a fruitful meeting with Feng Xingya, President of GAC Group, in Beijing. During the talks, both parties engaged in in-depth discussions on deepening economic and trade cooperation and advancing GAC's strategic presence in the Brazilian market.
In Beijing, Alckmin receives news from Feng Xingya, announcing a $1 billion investment in Brazil. The company is the first Chinese manufacturer with a full R&D and production line, producing gasoline, electric, full hybrid and plug-in hybrid car.
China is betting on Brazil, seeking to invest and work towards a partnership of cooperation and mutual benefits for both nations. GAC Group has announced that it will invest $1 billion in the Brazilian market over the next five years. The announcement was made in the presence of Vice President Geraldo Alckmin during a meeting with Feng Xingya, General Manager of GAC.
“In the next 5 years, GAC, along with its supply chain, plans to invest $1 billion in Brazil, including plans to establish factories, research and development center and warehouses for spare parts.” said Feng.
The Vice President visited the company’s booth and checked out the latest GAC car models. He was amazed by the products and said he was impressed with the technology the company employs in automobile production.
The General Manager stated that the company is committed to the Brazilian market and explained GAC's strategy in Brazil and the contribution it can bring to the Brazilian market, especially in the aspects of value chain technology and research and development (R&D). “GAC is confident it will provide reliable and high-tech products to Brazilian consumers,” pointed out the businessman.
With decades of joint venture experience with Honda and Toyota, GAC is one of the most prestigious automotive companies in China. The company ranks 165th on the 2023 Fortune Global 500 list and is listed on the Hong Kong and Shanghai stock exchanges.
Last year, GAC was the fifth-largest automobile manufacturer in China, produced and sold 2.52 million cars. With more than 110 thousand employees, GAC had a revenue of $70 billion, 6.47% of which was invested in R&D in 2023. The company aims to achieve total production and sales exceeding 4.75 million vehicles and revenue of 1 trillion yuan (equivalent to $137 billion) by 2030.
