China’s EV startup HYCAN announces 8,000% YoY surge in Mar. order volume

Shanghai (Gasgoo)- Chinese electric car startup HYCAN said on Friday its order volume reached 3,016 units in March 2022, rocketing 8,000% from the previous year.

HYCAN Z03; photo credit: HYCAN

As for monthly delivery performance, HYCAN announced the deliveries of the HYCAN Z03 stood at 1,689 units last month. However, the volume of the other model, the HYCAN 007, was not disclosed.

As HYCAN's second production model, the HYCAN Z03 formally hit the market in October 2021. Positioned as an all-electric compact SUV, the Z03 comes with four trim levels, which are priced between 132,800 yuan ($20,910) and 168,800 yuan ($26,580). In late February this year, the automaker launched the first OTA upgrade for the Z03, bringing such new functions as the Voice ID and the car-to-smartphone navigation synchronization, as well as several entertainment applications.

The HYCAN 007 is the first HYCAN-branded production model that went on sale in April 2020. In May 2021, the automaker launched a facelift of the 007, which features a new car paint and an upgraded infotainment system.

The startup was founded in 2018 under the name GAC NIO, referring to its investors: the state-owned automaker GAC and the electric carmaker NIO.

GAC Group and a firm called Pearl River Investment Management Group Co., Ltd. invested 2.4 billion yuan into the startup in the first quarter of 2021. After the completion of the capital increase, William Bin Li, chairman and CEO of NIO, resigned as GAC NIO's legal representative.

Then in May of last year, the startup completed a rebrand under the name HYCAN.