![]() ![]() ![]() Its sales volumes in the first nine months of 2022 reached 182,300 units, compared to 120,200 and 60,000 in the same periods in 20, respectively. The new funding ensured AION’s production and offered sufficient financial support to the R&D of key technologies, said GAC.įounded in July 2017 and headquartered in Guangzhou, AION has introduced to the market a series of all-electric vehicle models. The parent said that the deal will help the startup combine “upstream and downstream” resources for the development of EV elements such as battery materials, new-generation batteries, automotive chips, intelligent driving, and smart cockpits. The investment is expected to “greatly improve the comprehensive competitiveness of AION for future development,” said GAC in its filing to the Hong Kong stock exchange. Lead investors in the Series A round include PICC Capital, the alternative investment arm of Chinese listed insurer PICC Group power system operator China Southern Power Grid’s investment platform the hundred-billion-yuan China Structural Reform Fund Shenzhen Capital Group CITIC Securities’ private investment unit Goldstone Investment and Guangzhou Industrial Investment Fund Management. The investment follows GAC’s efforts to diversify its subsidiary’s cap table and help it rope in strategic partners to accelerate future growth. Out of the 4.2 million EVs sold worldwide in the first half of 2022, 57.1% were delivered to customers in mainland China, according to data from market research firm Canalys.ĭespite being a late-comer in China’s increasingly competitive EV market, AION’s links to the state-owned automotive parent may help it take on rivalry from more mature domestic competitors such as NIO, XPeng, and Hozon Auto. GAC, one of China’s major manufacturers of new energy vehicles (NEVs), is doubling down on the all-electric segment with its AION brand at a time when mainland China has risen to become the world’s biggest consumer of EVs. The five-year-old EV subsidiary reached a valuation of over 103.2 billion yuan ($14.2 billion) following the fundraising that saw the participation of 53 strategic investors.įollowing the funding round, GAC’s shareholding has reduced to 76.9% from 93.5%, the parent company disclosed in filings to stock exchanges in Shanghai and Hong Kong on Friday. GAC AION, which is affiliated with the Chinese state-owned automaker Guangzhou Automobile Group (GAC), has pocketed 18.3 billion yuan ($2.5 billion) in a Series A round to become the most valuable startup in China’s electric vehicle (EV) industry.
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