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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
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Chinese automaker GAC enters N. American market, but under Dodge marque

09/29/2021 | 12:28pm EST
FILE PHOTO: A Stellantis sign is seen outside company headquarters in Auburn Hills,

BEIJING, Sept 30 (Reuters) - Chinese automaker GAC is exporting China-made sport-utility vehicles to Mexico, in its first massive sales in the North America after years of planning to enter the key market. However, the cars are under Dodge marque.

The "Dodge Journey" SUVs are built based on GAC's vehicle design and made at its own Hangzhou factory. Stellantis will sell them at its dealership network in Mexico, according to a statement.

GAC has a joint venture with Stellantis, which is struggling to sell Jeep-branded vehicles in China, the world's biggest auto market, and has recently decided to close one of its two factories.

It is not rare for global automaker to sell vehicles under different brands in different regions but they tend to do that with their own models, rather than partner's.

GAC, which is among the few Chinese state-owned automakers that aim to develop their own brand globally, said it aims to sell 4,000 such vehicles in Mexico by the end of this year.

Like many Chinese companies including Great Wall Motor , GAC has long aimed to sell vehicles in the United States but the plan was progressing slowly due to restriction rules by the Trump administration.

"GAC will continue to strengthen and expand cooperation with Stellantis ... and continue to explore the Mexican Market, and radiate to surrounding areas to lay a foundation for further cultivation of the North American region," it said. It is now selling cars with its own brand in Asia, the Middle East and South America.

This is not the first time that GAC's model is sold through a global automaker's sales channel. Electric GAC cars were sold in GAC-Toyota venture and GAC-Honda venture's showrooms in China from 2018.

Other than the GAC model, an SUV, originally under Baojun marque, developed by SGMW, a joint venture between General Motors Co and SAIC Motor, is sold in South America under Chevrolet logo. (Reporting by Yilei Sun and Brenda Goh; Editing by Sandra Maler)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HONDA MOTOR CO., LTD. 2.20% 3258 End-of-day quote.13.22%
SAIC MOTOR CORPORATION LIMITED 3.01% 20.86 End-of-day quote.-14.65%
TOYOTA MOTOR CORPORATION 1.89% 2105 End-of-day quote.32.27%
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Financials
Sales 2021 795 B 125 B 125 B
Net income 2021 25 242 M 3 965 M 3 965 M
Net cash 2021 70 724 M 11 110 M 11 110 M
P/E ratio 2021 9,67x
Yield 2021 3,79%
Capitalization 241 B 37 851 M 37 861 M
EV / Sales 2021 0,21x
EV / Sales 2022 0,17x
Nbr of Employees 204 815
Free-Float 22,6%
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Number of Analysts 24
Last Close Price 20,86 CNY
Average target price 24,36 CNY
Spread / Average Target 16,8%
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Managers and Directors
Xiaoqiu Wang President & Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Xiao Su Chen Chairman-Supervisory Board
Si Jie Zu Chief Engineer & Deputy General Manager
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