HANGZHOU, Zhejiang – Guangzhou Automobile Group Corp. (GAC) and Zhejiang GoNow Auto Co. Ltd., (GoNow) reached a confidential agreement on assets as a first step in their attempt to form a 50:50 joint venture in Hangzhou, a source close to the JV negotiations told Meiri Jingji Xinwen (National Business Daily) in early August. Miao Xuezhong, GoNow chairman, confirmed that his company has been approaching major domestic automakers, including GAC, for possible cooperation, and negotiations ...
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