Gasgoo Daily: GAC AION’s 2nd factory to start production in Q4 2022

With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.

GAC AION’s 2nd factory to start production in Q4 2022

GAC Group disclosed that the production capacity construction project of its GAC AION second factory is on track. The project should be finished in the fourth quarter of this year. Upon completion, GAC AION will hold a total annual production capacity of 400,000 vehicles.

Photo credit: GAC AION

Beijing encourages pre-owned car dealers to expand overseas

The municipal government of Beijing announced that pre-owned car dealers, makers, and traders in the city are encouraged to branch out their businesses overseas to countries included in the Belt and Road Initiative. The government will provide financial support like discounted loan interests and insurance subsidies for no more than RMB10 million per company per year. 

China NEV production and sales surge 120% YoY in H1 2022

According to the Ministry of Industry and Information Technology, China’s new energy vehicle production and sales volume in the first half of 2022 amounted to 2.661 million and 2.6 million respectively, soaring 120% over the year-ago period each.

ECARX-backed SiEngine bags roughly 1 billion yuan in Series A funding

China’s automotive chip developer SiEngine announced the completion of its Series A financing round, raising nearly one billion yuan ($148.3 million).

HOZON Auto banks over 100 million yuan in D3 round from Dayone Capital

HOZON Auto, the Chinese startup owning the new energy vehicle ("NEV") brand NETA, has bagged hundreds of millions of yuan from Dayone Capital for its D3 funding round, according to a press release from Dayone Capital.

Horizon Robotics, SAIC Motor to launch Journey 5-powered vehicle model in 2023

On July 18th, Horizon Robotics deepened its strategic cooperation with SAIC Motor and SAIC Z-ONE to jointly create a future-oriented intelligent driving computing platform based on Horizon Robotics’ automotive chips.

Prototype of all-new Hongqi H5 FCV comes off line

FAW Group announced this week that a tooling trial prototype of a fuel cell-powered all-new Hongqi H5 had rolled off the production line at FAW Group's R&D headquarters.