Top stories of GAC Group in 2023
In 2023, GAC Group continued its strong push into new energy vehicles (NEVs) and achieved significant progress in the export sector. Throughout the year, GAC collaborated with several enterprises with the aim of advancing developments in areas such as chip, EV charging and battery swapping infrastructure, energy supplementation, and intelligent connected vehicles. On the export front, GAC AION officially entered the Cambodian market, marking the second overseas market for GAC AION globally.
Photo credit: GAC Group
Recently, Gasgoo conducted a year-end review, focusing on key carmakers in China. This article will take you through a retrospective of the key events that unfolded for GAC Group in 2023.
On December 28, 2023, GAC Group, Guangzhou Development District ("GDD"), and The Fifth Electronics Research Institute of the Ministry of Industry and Information Technology ("CEPREI") officially inked a trilateral strategic cooperation framework, according to a press release from GAC Group. The collaboration aims to seize opportunities in the low-altitude economy and foster the development of the flying car industry.
On the morning of December 28, a Hyper HT all-electric SUV smoothly rolled off the assembly line at GAC AION's Smart Ecological Factory, marking a significant milestone of one million vehicles produced by GAC AION, the new energy vehicle unit of GAC Group.
On December 26, GAC Energy, a subsidiary of GAC Group, signed an agreement with Dengtu Holding Group Limited ("DnTU"), who operates car rental services as one of its main businesses, in Beijing city, to form a strategic cooperation on energy replenishment network development, according to a post on GAC Energy's WeChat account.
GAC Energy and Poly Property Services inked a strategic collaboration at the Shenzhen International Holdings International Enterprise Administrative Logistics Procurement Expo on December 21.
GAC Group, Bank of China, GZII Group intend to set up joint fund for NEV, ICV tech development
On December 13, GAC Group signed a strategic partnership agreement with Bank of China and Guangzhou Industrial Investment and Capital Operation Holding Group Ltd. ("GZII Group"). The three parties intend to establish the Guangzhou Xinqi Zhilian Equity Investment Fund ("Xinqi Zhilian") is Chinese Pinyin), with a proposed capital contribution ratio of 33.4%, 33.3%, and 33.3% as limited partners (LP).
On December 12, GAC AION's Yinpai Intelligent Battery Eco-factory celebrated its official construction completion and commencement of operations, coinciding with the release of the P58 Microcrystal Super Power Battery ("the P58 Battery"), which represents the breakthrough on the Magazine Battery 2.0, according to GAC AION's press release.
Chinese charging service provider Newlink NaaS ("NAAS") recently joined hands with its strategic partner, FLEETIN, to collaborate with GAC Energy, a subsidiary of GAC Group. The partnership aims to enhance the accessibility of charging services for GAC Energy platform users by enabling the exchange and sharing of data resources between charging stations, further optimizing the charging service network for both parties.
On December 2, GAC AION held an event to launch the AION Y PLUS battery electric vehicle (BEV) model in Cambodia, marking its official foray into the Cambodian auto market.
On November 29, 2023, a significant move in the realm of sustainable energy was marked as GAC Group and GEM Co., Ltd. officially inked a strategic cooperation framework agreement at the GAC Center.
In a press conference held by GAC Group on November 17 at the Auto Guangzhou 2023, GAC AION, the group's the electric vehicle subsidiary, officially announced plans to achieve mass production and installation of solid-state batteries by 2026, with Hyper being the first brand to adopt this technology.
On November 17, 2023, GAC Energy Technology Co., Ltd. ("GAC Energy") and Alipay (Hangzhou) Information Technology Co., Ltd. ("Alipay") formalized their strategic cooperation with a signing ceremony. The two entities are set to embark on innovative collaborations spanning multiple fields, including new energy vehicle (NEV) charging, battery swapping, vehicle-network interaction, energy operation, and brand marketing, as they jointly explore a groundbreaking business model integrating "energy services and the Internet".
On November 15, Hyper, the premium sub-brand under GAC AION, saw its first SUV model, the Hyper HT, officially hit the market. Coming with six trim levels, the model features a price range of 213,900 yuan to 329,900 yuan.
On October 24, GAC Group issued an announcement, saying its board of directors has approved the "Announcement of Related Transactions Regarding the Restructuring of GAC Mitsubishi." The restructuring plan involves equity adjustments within GAC Mitsubishi and GAC Mitsubishi Automobile Sales Company.
DiDi Autonomous Driving, the autonomous driving technology arm of Chinese ride-hailing giant DiDi, on October 12 announced a significant investment from GAC Group.
On October 9th, GAC AION's luxury car sub-brand, Hyper, officially announced the official pricing for its all-new supercar, the Hyper SSR.
On September 19, at the signing ceremony for a slew of cooperation sub-funds and industrial investment projects, GAC Capital announced its intention to explore the establishment of the Guangzhou Intelligent Connected New Energy Vehicle Industry Development Fund in collaboration with the Guangzhou Industrial Investment FoF (Fund of Funds) and Bank of China Asset Management. This visionary fund is set to have a total capital pool of 30 billion yuan, with an initial investment of 10 billion yuan.
During the 2023 Guangdong-Hong Kong-Macao Greater Bay Area - Europe Economic and Trade Cooperation Conference held in Munich, Germany, GAC Group inked pivotal cooperation agreements with Bosch China and Siemens China, respectively, according to a post on GAC Group's WeChat account.
In late Aug., GAC Group released a new strategy dubbed "1551" set for its global business expansion.
Expounding on the new strategy, GAC Group aims to reach an annual sales target of 500,000 vehicles in overseas market by 2030 ("1"), solidifying its presence in the "5" major market regions of Europe, Asia-Pacific, Commonwealth of Independent States (CIS), Middle East & Africa, and Central & South America, targeting at least 12 strategic markets with a capacity of over 100,000 vehicles each.
Guangzhou Risong Intelligent Technology Holding Co., Ltd. ("Risong Technology") announced on August 28 via its WeChat account that its subsidiary Guangzhou Risong Hokuto Automotive Equipment Co., Ltd. ("Risong Hokuto") has a significant contract worth approximately 150 million yuan with GAC AION, a Chinese leading new energy vehicle (NEV) manufacturer under GAC Group.
In a grand ceremony held in Bangkok on August 25, representatives from seven dealerships across four countries - Thailand, Myanmar, Vietnam, and Singapore - joined hands with GAC AION, a Chinese leading new energy vehicle maker under GAC Group, marking the initiation of a significant collaborative agreement.
On August 21, a fleet of 100 AION Y Plus vehicles stood poised for departure at the Nansha Port in Guangzhou, ready to sail towards Thailand's Laem Chabang Port. This marks the debut of GAC AION's inaugural shipment of complete vehicles to overseas markets, a significant milestone in its global expansion journey.
On August 8, GAC Group officially unveiled its pioneering GAC AI large model platform, as the first of its kind to the auto industry. The technology will soon make its debut on the group’s high-end smart coupe, the Hyper GT.
On August 4, Pony.ai, the Chinese autonomous driving solution developer, held a signing ceremony with Toyota Motor (China) Investment Co. Ltd. and GAC Toyota Motor Co., Ltd.. The three parties announced the establishment of a joint venture to support the future mass production and large-scale deployment of autonomous driving taxis (Robotaxis).
On August 2, Chinese automaker GAC Group announced its plan to invest a total of 40 million yuan through its wholly-owned subsidiaries in establishing a joint venture in the field of high-precision mapping with Nanjing Institute of Surveying, Mapping & Geotechnical Investigation Co. Ltd. and other partners.
On July 31, 2023, a strategic cooperation agreement signing ceremony was held by GAC Energy, the energy subsidiary of GAC Group, and Goldenport Automotive Culture Development (Beijing) Co., Ltd. ("Goldenport Enterprises"), which focuses on promoting automobile culture, entertainment, leisure, and trade through operating race track parks and hosting rally races.
GAC Toyota, the joint venture of GAC Group and Toyota Motor, inked a strategic cooperation framework agreement with Chinese Internet giant Tencent for digital ecosystem collaboration in Shenzhen on July 14.
On July 13, 2023, GAC Energy Technology Co., Ltd. (referred to as "GAC Energy") and Longyan Transportation Development Group Co., Ltd. (referred to as "Longyan Transportation") held a ceremony to celebrate the completion of the supercharging project at the Longyan Railway Station.
On July 3, Hyper, GAC AION's nascent sub-brand dedicated to premium electric vehicles, officially put the Hyper GT car model onto the market. Coming with five trim levels, the model features an official guidance price range of 219,900 yuan to 339,900 yuan.
On June 28, GAC AION, the new energy vehicle subsidiary of GAC Group, signed a memorandum of cooperation at the 2023 Thai-Chinese Business and Commerce Conference. This announcement marked GAC AION's official entry into the Thai market, signaling the beginning of the globalization of the AION brand.
On June 27, Chinese LiDAR solution supplier RoboSense reached a strategic cooperation with GAC Group in the new energy vehicles and intelligent connected vehicle industry chain.
GAC Group unveiled its first flying car, GOVE, at the GAC TECH DAY 2023 on June 26. The name "GOVE" is derived from the initials of GAC, On the Go, Vertical Flight, and Electric Vehicle.
Ontime completed its Series B funding round, raising 842 million yuan. The round was led by GAC Group, with participation from multiple industry funds and financial investors.
GAC AION completed the equity transfer registration with GAC Capital in late May. Through this transaction, GAC AION became a strategic investor and new shareholder of SYNCORE.
On May 22, 2023, GAC Energy signed an agreement with LynkVertx Technology Co., Ltd., a company incubated by the team of Academician Minggao Ouyang from Tsinghua University, for their strategic cooperation on V2G (vehicle-to-grid) technology development and applications, according to a post on GAC Group.
On May 16, GAC Energy Technology Co., Ltd. and the Guangdong sales branch of PetroChina Company Limited signed an agreement to conduct in-depth cooperation in the field of energy, according to a post on GAC Energy’s WeChat account.
In early May, DiDi Autonomous Driving and GAC AION signed an agreement to deepen cooperation and announced the launch of the "AIDI Plan," a project to develop and mass-produce autonomous new energy vehicles, and the plan to build a joint venture.
On April 26, Ontime, the mobility service provider backed by GAC Group, was granted a permit to carry out intelligent connected vehicle demonstration operations in Guangzhou.
On April 18, GAC Group released its “NEXT” business strategy at the Auto Shanghai 2023, which focuses on the intelligent new energy vehicle transition.
On Mar. 27, GAC Group announced that its board of directors has approved the proposal that allows its subsidiary, GAC AION, to independently develop the “AH8” project, rather than the joint development with Huawei agreed previously.
GAC Energy on Mar. 21 signed a strategic cooperation memorandum of understanding (MoU) with bp China, the China branch of the British energy mogul bp, according to a post on GAC Group's WeChat account.
Under the MoU, both parties will actively explore the field of the energy replenishment network that involves photovoltaic, energy storage, electric vehicle charging, and battery swapping, and jointly create market-leading high-end energy supply services to provide car owners across China with better charging experiences.
In mid-March, Ontime entered into a strategic partnership with NavInfo, a leading Chinese automotive intelligence developer, to jointly create products and services for enhancement of travel experience.
On March 7, GAC AION put the AION Y Younger, onto the market with a guidance price of 119,800 yuan. Its advent has further lowered the starting price of the AION Y PLUS’ lineup.
GAC Group's new energy vehicle brand, AION, on March 3 launched a new high-performance electric drive technology, "Quark Drive", which boasts an ultra-high power density of up to 12 kW/kg, representing a 100% increase over the industry average of 6 kW/kg.
Horizon Robotics and GAC AION inked an all-around strategic cooperation agreement on January 17 regarding automotive intelligence product applications.
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