Gasgoo Daily: GAC Group to set up 30 billion yuan worth of joint automotive industrial fund

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 Group to set up 30 billion yuan worth of joint automotive industrial fund

GAC Group inked a strategic cooperation agreement with Guangzhou Industrial Investment and Capital Operation Holding Group to explore the possibility to set up an industrial fund for the automotive industry with a 30-billion-yuan ($4.2 billion) scale.

Photo credit: GAC AION

Mercedes-Benz Parts Manufacturing & Services Ltd. adds battery recycle business

According to China’s corporate database Tianyancha, Mercedes-Benz Parts Manufacturing & Services Ltd., the wholly-owned subsidiary of Daimler Greater China Ltd., recently added resource recycle technology R&D and new energy vehicle battery recycle and cascade utilization to its list of registered business scopes.

Beijing Hyundai to replace oil-fueled vehicles with hybrid models by 2025

At Beijing Hyundai’s 20th anniversary event, the automaker introduced its 2025 strategy. The company aims to refresh its oil-fueled vehicle lineup to all hybrid models by the year 2025, formulating a hybrid product lineup of one MPV model, two sedan models, and three SUV models, with an annual output and sales target of 300,000 vehicles. Meanwhile, the automaker plans to launch a dedicated electric vehicle model in 2023, and a total of 4 to 5 models in the next three years, with a yearly production and sales target of 200,000 units.

SemiDrive teams up with INCHTEK for automotive information security products

China’s auto-grade chip supplier SemiDrive announced on November 10 the strategic cooperation with local intelligent vehicle information security developer, INCHTEK, on intelligent connected vehicle solutions.

Dongfeng Motor Group sees 3% YoY rise in Jan.-Oct. passenger vehicle sales

In October, Dongfeng Motor Group Company Limited (Dongfeng Motor Group) sold 217,757 vehicles, representing a 4.4% decrease from a year ago.

GAC Capital leads C2 financing round of autonomous driving startup Holomatic

China’s autonomous driving solution developer Holomatic announced this week the completion of its C2 financing round, which was led by GAC Capital.

CATL to supply batteries to Japanese carmaker Daihatsu

Contemporary Amperex Technology Co., Limited ("CATL") and Daihatsu Motor Co., Ltd. ("Daihatsu") recently signed a memorandum of understanding (MoU) to carry out strategic cooperation on battery supply and battery technologies, aiming to co-boost e-mobility in Japan, the Chinese battery giant announced via its WeChat account on Nov. 11.