GAC Group, a leading Chinese automotive manufacturer, is making a significant entry into Brazil with a $1 billion investment plan. This move was announced during Brazilian Vice President Geraldo Alckmin's official visit to China, where he met with GAC President Feng Xingya in Beijing.
During their meeting, Alckmin and Xingya discussed expanding economic and trade cooperation, focusing on GAC's strategic growth in Brazil. GAC, known for its comprehensive R&D and production capabilities in gasoline, electric, full hybrid, and plug-in hybrid vehicles, is set to make a substantial impact on the Brazilian market.
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Vice President Alckmin, who toured GAC's latest car models, expressed admiration for the company's technological advancements and production quality. This investment aligns with China's broader strategy to foster cooperative and mutually beneficial partnerships with Brazil.
GAC's reputation is well-established, ranking 165th on the 2023 Fortune Global 500 list and having successful joint ventures with Honda and Toyota. In 2023, the company generated $70 billion in revenue, investing 6.47% in R&D. With plans to produce and sell over 4.75 million vehicles and achieve $137 billion in revenue by 2030, GAC's entry into Brazil is a major step towards its ambitious global expansion goals.
