Latest news with #GAC
Nikkei Asia
a day ago
- Automotive
- Nikkei Asia
Chinese carmaker GAC aims for production capacity in Brazil by 2030
SHANGHAI -- Chinese state-owned automaker Guangzhou Automobile Group (GAC) plans to establish supply chains to produce vehicles in Brazil by 2030 as part of a push to expand sales there. GAC recently unveiled five models at an event in Sao Paulo, including the Aion V and Hyptec HT electric sport utility vehicles. The automaker aims to integrate into Brazil and contribute to the country, GAC International President Wei Haigang said.
TimesLIVE
3 days ago
- Business
- TimesLIVE
EGA's Guinea unit hopes for talks as bauxite stockpile nears 2-million tonnes
Emirates Global Aluminium's (EGA) subsidiary in Guinea has accumulated a stockpile of nearly 2-million metric tonnes of bauxite since the suspension of its operations last year, three sources familiar with the matter told Reuters on Tuesday. EGA, equally owned by Abu Dhabi sovereign wealth fund Mubadala, and Dubai sovereign wealth fund the Investment Corporation of Dubai, operates one of the largest bauxite mines in Guinea through its Guinea Alumina Corporation (GAC) subsidiary. The standoff with Guinea's government highlights the aggressive push by the military authorities to increase benefits from the country's vast natural resources as the world's largest bauxite producer leverages its position in aluminium supply chains to force downstream processing commitments. The company has been in a dispute with the government since October last year when its GAC bauxite exports, and mining operations were later suspended by the authorities. Reuters reported earlier this month that the government has launched a process to withdraw EGA's mining licence over its failure to build an alumina refinery. Since the suspension of exports and mining operations, its stockpile of bauxite at the port and train loading facility at the mining site, have reached nearly 2-million metric tonnes, the three sources familiar with the situation, told Reuters. The sources requested anonymity because there were not authorized to speak for the company. EGA and GAC did not respond to Reuters' requests for comments on the stockpiles. The company said in a separate statement on Tuesday it hoped to resume talks with the Guinean government that could lead to a lifting of measures blocking its bauxite mining operations. In its statement, GAC said the measures imposed by the authorities had hampered its operations, leading to their complete stoppage in December 2024 and significant financial losses for the company and its shareholders. Responding to a Reuters request for comment, Guinea's mines minister Bouna Sylla said the country was committed to working with all investors who fully comply with their contractual commitments, adding they intend to clean up the mining sector. "This process will continue rigorously, respecting the current legal framework while ensuring the legitimate interests of all stakeholders, including Guinean investors," Sylla said. Responding to reports that the dispute was due to its failure to fulfil commitments, including building a refinery, GAC said in the statement that it had always fulfilled all of its obligations under agreements Guinea, and contests that it has acted differently. "As regards an alumina refinery project in Guinea, GAC has repeatedly indicated to the Guinean authorities that the realisation of such a project is contingent upon overcoming numerous and significant economic, technical and environmental challenges," it said. Mali, Burkina Faso and Niger, also military-led West African states have taken similar routes to assert more control over their mineral-rich mining sectors in a bid to generate higher revenue.
Reuters
4 days ago
- Business
- Reuters
EGA's Guinea bauxite unit hopes to resume talks with government
DAKAR, May 27 (Reuters) - Emirates Global Aluminium's (EGA) subsidiary in Guinea said on Tuesday it hoped to resume talks with the Guinean government that could lead to a lifting of measures currently blocking its bauxite mining operations. EGA has been in a dispute with the government since October last year when its bauxite exports and mining operations were suspended by the authorities. And earlier this month, Reuters reported it launched a process to withdraw EGA's mining licence over its failure to build an alumina refinery. The EGA subsidiary - Guinea Alumina Corporation (GAC) - said in a statement that it had always fulfilled all of its obligations under agreements it signed with Guinea, and strongly contested that it has acted differently. "GAC hopes the Guinean Government will resume amicable negotiations and lift all blocking measures against GAC's operations," the statement said. Representatives of Guinea's military-led government did not immediately respond to requests for comment. In its statement, GAC said the measures imposed by the authorities had hampered its operations, leading to their complete stoppage in December 2024 and significant financial losses for the company and its shareholders. "Since October 2024, the Guinean Government and certain Guinean public entities have taken a series of measures against GAC (and the wider EGA group) that run counter to the contractual and international commitments of the Republic of Guinea," it said.
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
GAC begins car sales in Brazil, eyes local plant by late 2026
Chinese carmaker GAC announced its product launch in Brazil on Friday, saying it expects its line of hybrid and electric cars to garner market acceptance that would allow it to start building a factory in the country in late 2026. GAC's move comes at a time of growing competition in the world's sixth-largest automotive market, where sales of electric vehicles have been speeding up and other Chinese companies, such as BYD, Chery and GWM, have also made inroads in recent years. The company, which last year announced plans to invest 6-billion reais (R18,876,533,000) in Brazil over five years, will launch in the country on Saturday selling four imported electric cars and a hybrid model. It expects sales to reach 100,000 units in the next five years, according to GAC International president Wei Haigang. "Brazil is a huge country and very important to us," he said in an interview in Chinese through a Portuguese interpreter, adding the carmaker had a "long-term" strategy for the South American country. Electrified vehicles represent the fastest-growing segment in the Brazilian market, with sales jumping 37.4% year-on-year in the first four months of 2025 to 70,450 units, whereas sales of light vehicles in general rose 3.4% to 714,800 units, according to local group Fenabrave. "We are aware Brazil is an increasingly competitive market," Wei said. He said "external influences" such as the trade war between China and the US triggered by President Donald Trump's trade policies and sweeping tariffs did not weigh on GAC's plans in Brazil. "We developed our strategy with the bilateral relationship between Brazil and China in mind."
Malaysian Reserve
6 days ago
- Automotive
- Malaysian Reserve
GAC Launched Localization Initiative in Brazil, Debuts Five Core Models in the Brazilian Market.
SíO PAULO, May 25, 2025 /PRNewswire/ — On May 23, GAC held the Brazil Brand Launch and New Models Unveiling Event at Distrito Anhembi in São Paulo, Brazil, officially unveiling its 'Brazil Action Plan' – the first substantive implementation of 'One GAC 2.0' global strategy in Latin America. Through a series of long-term investment initiatives, in Brazil, for Brazil, GAC presented Brazilian consumers with a future mobility vision and ushered in a new chapter for GAC in both Brazil and the Latin American market. The global strategic model AION V, the urban intelligent pure electric SUV AION Y, the luxe-tech pure electric SUV HYPTEC HT, the value benchmark hybrid SUV GS4 HEV, and the high-quality pure electric sedan AION ES were officially unveiled. Brazil's legendary musician Gilberto Gil became the first GAC vehicle owner in Brazil. At the event, GAC officially signed a comprehensive strategic cooperation agreement with Instituto Nacional de Metrologia, Qualidade e Tecnologia (Inmetro) to enhance Brazil's automotive industry competitiveness. Brazilian and Chinese government officials, business leaders and representatives gathered to witness this historic moment of China–Brazil automotive industry cooperation. GAC introduced five models for Brazilian consumers: AION V, AION Y, HYPTEC HT, GS4 HEV, and AION ES at the Brazil Brand Launch and New Models Unveiling Event. Guided by 'One GAC 2.0' global strategy, GAC has deployed its three major product lineups—GAC, AION, and HYPTEC—in Brazil, comprehensively addressing diverse mobility scenarios including family transportation, urban commuting, and shared mobility to meet Brazil's diverse consumer needs and green transition trends. AION V, AION Y, and HYPTEC HT stand out with their stylish designs, premium quality, high-tech and long-range capabilities, will become an intelligent, safe, and reliable green mobility option for Brazilian consumers in the future. The GS4 HEV delivers robust power, smooth handling, and a combined range of over 1,000 km, striking a balance between performance and practicality. Meanwhile, the AION ES is GAC's flagship model tailored for shared mobility. Moving forward, GAC will collaborate with mobility platforms to offer Brazilians reliable and comfortable transportation experiences. These five new models embody GAC's core strengths of 'Top-tier Quality' and 'Pioneering Technology', reflecting the company's precise insight into the Brazilian market's needs, and creating a better mobility experience for Brazilian consumers.
