The already crowded Chinese car market will soon welcome a new and ambitious competitor as local manufacturer Guangzhou Automobile Group has completed plans to set up a new joint venture with the Fiat Group named Guangqi Fiat.
Speaking with reporters on the sidelines of this week’s Guangzhou Auto Show, the Chinese company’s president, Zeng Qinghong, said that Guangqi Fiat will start production as early as July of 2012.
More interestingly, Qinghong revealed that the joint venture would also build Alfa Romeo cars for the domestic market.
“Besides the Fiat brand, after talks between the two shareholders, we will introduce the Alfa Romeo brand to the venture company,” said Qinghong. “We are still discussing the timetable,” he added.
The new joint venture between the Fiat and Guangzhou Automobile groups will have an initial annual production capacity of around 140,000 units. According to Qinghong, Guangqi Fiat will gradually be developed into a “multi-brand and multi-products manufacturer”.
Story References: Reuters
PHOTO GALLERY
