| Type | Public (600991.SS), a subsidiary of Guangzhou Automobile Group (GAC) as of 2011 |
|---|---|
| Industry | Automotive |
| Founded | 1950 (Original establishment) 1996 (CMC Establishment) |
| Headquarters | Changsha, Hunan, China |
| Products | Automobiles |
GAC Changfeng Motors Co Ltd. (Chinese: 长丰; pinyin: Chángfēng) abbreviated CMC [1] (SSE: 600991) is a Chinese SUV manufacturer. A state-owned enterprise but also a public company, Changfeng solely produces SUVs and most sales have been to the Chinese state.[2]
The company manufactures license-built Mitsubishi Pajeros, sold in China under the Mitsubishi brand[3] and Pajero variations that sell under the brand name Liebao,[4] which means leopard.
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Changfeng has its origins in No.7319 Factory,[5] which was a small repair facility for military equipment before becoming a factory in the 1970s.[6] Production of crosscountry vehicles (license built Beijing BJ2020s) began in 1988, and the company's name became 'Changfeng Auto Manufacturing' in 1996. The 1991 Mitsubishi Pajero has been built by Changfeng since 1995.[5] Production capacity has jumped from only 633 units in 1996 to 100,000 in 2006.[6]
A series of small sedans are under development, and in May, 2009, Guangzhou Auto purchased 29% of the company to access these[7] (or—what is more likely—its SUV expertise[8]) and has plans to turn Changfeng into a joint venture with Mitsubishi Motors.[9]
The company has manufactured primarily for Chinese state use. As of 2008 most sales, close to seventy percent,[2] were to police, military, and other government agencies.[10]
Since 1995, Changfeng has produced license-built Mitsubishi vehicles for both military and civilian use,[11] and this Japanese automaker holds a 15% stake in GAC Changfeng Motors Co Ltd as of 2010.[9]
In early November 2010, Mitsubishi and Guangzhou Automobile Group signed a memorandum of understanding to set up a new equally owned joint venture by restructuring Changfeng.[12] Mitsubishi will increase its ownership to fifty percent and the new company should start work in June, 2011. Mitsubishi will help round out a portfolio of joint ventures with Japanese automakers for Guangzhou Automobile.[1]
As of 2010, the majority of ownership in Changfeng was held by three stake-holders, two of which have close ties to the Chinese state. 29% of the company is owned by Guangzhou Automobile Industry Group,[9] 21.98% by Changfeng Group,[13] and 14.59% by Mitsubishi,[1] and remaining ownership held by unknown entities.
Mitsubishi will soon increase its ownership to 50% as a part of changing Changfeng into a Sino-Japanese joint venture.[1]
On May 2010, an unnamed, state-run parent company (probably Changfeng Group, as its ownership decreased due to state-mandated cooperation with Guangzhou Automobile Industry Group) held 50.98% ownership.[8] On January 20, 2011, it was officially announced that Changfeng Motors is now an official subsidiary of Guangzhou Automobile Industry Group.[14]
While most of Changfeng's sales are domestic, since 2006 the company has also exported cars to Russia,[10] the Middle East, and to Africa.[15]
Changfeng has production bases in Changsha, Yongzhou and Hengyang, Hunan province and in Huizhou, Guangdong province.