Honda’s JV with GAC ends production of Acura brand in China
CHINESE carmaker Guangzhou Automobile Group (GAC) said on Monday (Jan 9) its joint venture with Honda Motor is no longer producing or selling products under the Japanese firm’s premium Acura brand.
GAC will continue to provide after-sales services to Acura customers in China through the joint venture’s network, it said in a statement to Reuters. The joint venture will continue to produce other Honda brands.
Acura is the second foreign car brand to exit China, the world’s largest auto market, in recent months. In October GAC said it was closing its joint venture with Stellantis, which made Jeep vehicles, following a sharp decline in Jeep sales in China over the past four years.
GAC-Honda, which started producing Acura cars in 2016 in China, only sold 6,554 of them in the country in 2021, down 45 per cent from the previous year. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Insurance firms deny Chevron’s US$57 million claim for Iran oil seizure
UOB awards Wong Kan Seng over S$400,000 in shares
US: Wall St opens lower as megacaps drag
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
Axiata, Sinar Mas seek permission for Indonesia telco merger, minister says
New York Times beats profit estimates on bundle strength