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Market Chatter: GAC Seeks to Expand Output Capacity in Europe; Shares Down 3%

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Guangzhou Automobile Group (SHA:601238, HKG:2238), or GAC, plans to expand its production capacity in Europe, especially in major markets such as France, Reuters reported Monday, citing an executive.

Cedric Lacour, GAC France's deputy chief executive, told Reuters at the sidelines of a Paris event that they are looking into the bloc's production capacity with its partner, Magna, and other investors, according to the report.

Lacour said the Chinese automobile maker plans to launch 12 electric and hybrid models in France by 2030, and add 50 more dealerships in the country, the media outlet said.

GAC's Hong Kong shares fell 3% during the midday trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Goodman Group Receives 2 Shareholder Resolutions for Upcoming Annual General Meeting

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ASX:GMG
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TPE:5522
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