GAC Group to invest 40 million yuan in setting up high-precision map-dedicated fund

Beijing (Gasgoo)- 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.

Photo credit: GAC Group

The joint venture in planning is named Guangdong Guangqi Yutu Equity Investment Partnership Enterprise (Limited Partnership). The GAC -affiliated subsidiaries are GAC Capital and Guangzhou Yingpeng. 

According to the announcement, the newly formed joint venture will have a total investment fund size of 205 million yuan. Among the investors, Nanjing Institute of Surveying, Mapping & Geotechnical Investigation will contribute 159 million yuan, accounting for 77.561% of the fund; GAC Capital will contribute 39 million yuan, representing 19.0244% of the fund; Liu Yingkun will contribute 5 million yuan, holding a 2.439% stake; Guangzhou Yingpeng Investment Management will contribute 1 million yuan, holding 0.4878% of the fund; and Nanjing Yuanchuang Foundation Investment Management will also contribute 1 million yuan, having a 0.4878% share.

The focus of the fund's investments will be on high-precision mapping technologies, intelligent connected vehicles, and automotive intelligence-related areas. The fund's term is set at 7 years, with the first five years dedicated to investment and the last two years for exit strategies.

GAC Group stated that this investment aims to further enhance the company’s industrial chain layout in the fields of intelligent connected vehicles, autonomous driving, and high-precision map. Through investment collaborations in key areas of the industry chain, the automaker seek to improve flexibility and stability and enhance the company's overall competitiveness.

Previously, GAC Group's General Manager, Feng Xingya, expressed the company’s commitment to achieving Level 4 autonomous driving demonstration operations by 2023.