GAC Group appoints senior executives for GAC NIO new energy JV

Shanghai (Gasgoo)- According to local media, GAC Group has appointed Wang Jingqiu and Gu Huinan as members of board for GAC NIO New Energy Automotive Co., (GAC NIO New Energy), a planned JV between GAC Group and NIO. In the meantime, Wang Qiujing was delegated as the JV's vice chairman. Besides, GAC Group also nominated Liao Bin as GAC NIO New Energy's general manager. 

Wang Qiujing, owning a Ph.D. degree in automotive engineering of Tsinghua University, has rich experience in products’ R&D and talents’ training. He is now president of GAC Automotive Engineering Institute who is responsible for such businesses as products’ development, quality control, and so on. Before that, he had worked at GAC FCA as executive vice president.

Gu Huinan is current general manager of GAC New Energy Automobile Co., Ltd (GAC New Energy). Previously, he held the position of GAC Motor's vice general manager that took charge of products' manufacturing, development and quality management. In addition, he also had working experience in Guangzhou Peugeot, Dongfeng Honda Engine as well as GAC Toyota.

Establishing JV with GAC Group is NIO's another significant action to join hands with traditional automakers apart from JAC Motors and Changan Auto. NIO ES8 officially went on sale in December last year and will be mass produced in the first half of this year, according to NIO's chairman Li Bin.

Under the pressure of dual-credit policy, GAC Group takes a series of measures to expand businesses in new energy vehicle (NEV) area. The company has not only set up a special fund of RMB 4.7 billion to construct  a NEV manufacturing base with an annual production capacity of 200 thousand vehicles, but also built a wholly-owned subsidiary name GAC New Energy. The Group predicted that until 2020, the group's new energy products will be more than 20 models whose output and sales will occupy 10% of the group's total performances.

On December 27 last year, GAC Group announced that it would team up with NIO to jointly establish a new energy JV that will focus on all aspects of auto industrial chain, including resource integration of NEV R&D, manufacturing, supply chain, sales service system and leasing operation mode. Both parties would also cooperate in core parts sector, relevant sales and service channel resource, brand promotion, big data analysis, software development and application as well as connected vehicles and autonomous driving, etc. Reportedly, the planned investment of this project involves RMB 1.28 billion in total. The total registered capital of the new JV would be RMB 500 million, while the registered capital of first period would be RMB 200 million. Both GAC Group and GAC New Energy will invest RMB 45 million to take 22.5% stake in the new JV.