Visitors take pictures at a GAC Honda event at a shopping plaza in Beijing in July 2024. [Photo by Li Fusheng/chinadaily.com.cn]
Honda and its Chinese partner GAC have signed an agreement to extend the term of their joint venture through 2038, said GAC Honda Motor (China) Investment Co, a wholly owned subsidiary of the Japanese carmaker, on Monday.
Established in July 1998, GAC Honda was Honda's first automobile production and sales joint venture in China. It began vehicle production in Guangzhou, Guangdong province, in March 1999.
Over the past decades, the Sino-Japanese joint venture has produced and sold more than 11 million vehicles, contributing to the development of China's automobile industry.
Honda said China has become the world's largest automobile market by sales volume, while competition continues to intensify amid the rapid development of electrification and intelligent technologies.
