BEIJING, Nov. 7 (Xinhua) -- After years of partnerships with foreign auto giants, China's domestic automakers have now begun to seek cooperation with local peers to sharpen their competitiveness in developing home-grown brands.
Two of China's major automakers, Guangzhou Automobile Group Co. (GAC) and Chery Automobile, announced Tuesday that they will form a strategic partnership and engage each other in a wide range of areas, including research and development, overseas business and production management.
The trans-provincial agreement is the first of its kind among Chinese local automakers amid government efforts to regulate the fragmented auto market through mergers and reorganization.
Under the agreement, the two sides will capitalize on their combined strengths to offset each other's weaknesses.
GAC, which has accumulated considerable management experience through its joint venture with foreign partners, has come up short in terms of brand-building and technological innovation, whereas Chery, a successful player in the low-end market, has been weak in terms of profitability.
Landmark building should respect the public's feeling