Guangqi Honda joint venture contract renewed until 2038.

On July 20th, Honda China announced that Honda and GAC have officially signed a strategic renewal agreement for their joint venture Guangqi Honda Automobile Co., Ltd., extending the cooperation period to 2038 while maintaining the same share ratio. Honda China stated that China has now become the world's largest automobile market, and with the rapid development of electrification and intelligent technology, competition is becoming increasingly fierce. In this context, Honda and GAC Group will leverage their respective technological and resource advantages to accelerate the reshaping of Guangqi Honda's core competitiveness, achieve the transition to new energy, and continue to provide a diverse range of products that meet customer needs. It is understood that Guangqi Honda is Honda's first joint venture in China responsible for automobile production and sales, established in July 1998, with a cumulative total of over 11 million vehicles sold to date.