Once a leading state-owned enterprise in China’s automotive industry, (known as the tiger of South China) Guangzhou Automobile (GAC) Group is now facing an unprecedented financial crisis. For the first time, it reported an annual loss, with both production and sales declining. Several joint ventures have exited, and its production capacity is severely underutilized. The company’s net profit attributable to the parent company plunged by 1166.51% year-on-year. This news quickly attracted widespread market attention. On social media, both netizens and car owners have continuously raised doubts about GAC’s new energy brand, Aion.
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