On October 24, GAC Group issued an announcement that the board of directors reviewed and approved the "Announcement on Related Transactions on the Reorganization of GAC Mitsubishi" and planned to implement equity adjustments and other restructuring matters for GAC Mitsubishi and GAC Mitsubishi Auto Sales Company. After the reorganization is completed, GAC Mitsubishi will become a wholly-owned subsidiary of GAC Group. Mitsubishi Motors Corporation and Mitsubishi Corporation will withdraw their investment. However, GAC Mitsubishi Auto Sales Company will still be jointly held by GAC Group, Mitsubishi Motors and Mitsubishi Corporation, and will continue to Provide spare parts and after-sales services to GAC Mitsubishi car owners. After the reorganization is completed, GAC will acquire 50% of the equity of GAC Mitsubishi and Guangsan Sales Company (30% from Mitsubishi Motors and 20% from Mitsubishi Corporation) at a price of 1 yuan. Thereafter, GAC Mitsubishi will become a wholly-owned subsidiary of GAC Group.

The announcement shows that as of March 31 this year, the audited total assets were 4.198 billion yuan, total liabilities were 5.613 billion yuan, and net assets were -1.414 billion yuan. As of the end of June, total assets were 4.325 billion yuan, total liabilities were 5.74 billion yuan, and net assets were -1.415 billion yuan.

After the reorganization is completed, GAC Mitsubishi will also be dismantled. Usable equipment with an estimated value of approximately 442 million yuan will be sold to GAC Aion, and land and factories with an estimated value of approximately 1.78 billion yuan will be sold to GAC Aon for approximately 130 million yuan per year. Rental leased to GAC Aian. GAC Aian will use the GAC Mitsubishi plant to increase production and capacity, and plans to achieve mass production in June 2024.

GAC Mitsubishi was established in 2012. At that time, the cooperation period was set to be 30 years. Now it has ended prematurely after only 11 years. Things are unpredictable. In the past 11 years, GAC Mitsubishi's highlight moments have to be counted starting with the Outlander. Launched in 2016, it relied on its comprehensive strength and reputation to help the brand's annual sales exceed 100,000. The sales from 2017 to 2019 reached 117,300, 144,000, and 133,300 respectively. Thousands of vehicles. Until now, many people have high opinions of Outlander, which has also caused GAC Mitsubishi to be overly dependent on Outlander. Once Outlander sales decline, GAC Mitsubishi's overall sales will also be hit hard.

In 2019, GAC Mitsubishi launched Ege, but the response from terminals was unsatisfactory. Moreover, while all major car companies are making efforts in the new energy vehicle market, GAC Mitsubishi didn't respond to this change quickly.

In March 2022, GAC Mitsubishi launched the pure electric vehicle Atuko. Unfortunately, with the GAC Ion V Zhuyu in front, Atuko was not very impressive. Sales were poor, and monthly sales were always in the single digits.

In November 2022, the Outlander was replaced after six years, but the new Outlander did not bring good sales to GAC Mitsubishi.

Since 2019, the overall situation of the domestic auto market has been unsatisfactory, especially the impact of the epidemic and internal and external attacks, which has caused GAC Mitsubishi to lose ground in the domestic market. From 2020 to January 2023, GAC Mitsubishi's sales were 75,000 vehicles, 66,000 vehicles, 33,600 vehicles and 1,168 vehicles respectively. Last year's capacity utilization rate was only 3.33%.

In the future, GAC Aian will use the GAC Mitsubishi plant to increase production and capacity and plans to achieve mass production in June 2024. After completion, GAC Aian will have a basic production capacity of 600,000 units per year, laying a solid foundation for Aian to achieve its strategic goal of producing and selling 1 million units in 2025.

Hope AION cars will get better and better, and hope AION cars will reach every corner of the world.

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