GAC

Chinese EV maker GAC Nio is undergoing due diligence for its Pro-A round of financing and is in close contact with a number of local governments, including those of Beijing, Zhejiang and Henan provinces, according to China Times.

There have been several incidents of electric vehicle fires this year, causing concern among many consumers. Chinese EV startup GAC Nio recently promised to reimburse owners of its vehicles for the entire vehicle if they catch fire due to battery problems.

On September 26, GAC New Energy unveiled its dual motor two speed four in one integrated drive unit for the first time at the Beijing auto show, which allows the vehicle to accelerate from 0-100km in less than two seconds.

About a month after announcing that it would focus on the "AI OS + eco-services" model instead of making money from selling cars, GAC Nio's brand new business model has seen new progress.

GAC Nio, the joint venture between Chinese carmakers GAC Group and Nio, announced on September 16 that it is launching the GAC Nio Smart Mobility Ecological Fund in conjunction with Xin Ding Capital, with an initial fund size of $1 billion to provide financial and resource support for companies in the ecosystem.

Liao Bing, founder of Chinese electric car maker GAC Nio, promised at a presentation in Beijing on August 18 that its combined hardware profits would not exceed 1% and any excess will be returned to customers.

Chinese automobile maker GAC Group said today it has achieved an energy density of 275 watt-hours per kilogram of square hard-shell cells using a new silicon anode material technology, enabling electric vehicles equipped with such batteries to have a range of more than 1,000 kilometers.

Chinese car maker GAC New Energy announced on May 16 its 5G smart electric vehicle that is equipped with Beidou's high-precision positioning system - the AiIon V. It comes in five variants and is priced from 159,600-239,600 yuan after subsidies. 

On May 13, Chinese auto maker GAC Group's new energy division announced that the research and development of graphene battery mass production will move from the laboratory to the actual vehicle, and by the end of this year, the relevant graphene battery technology results will be installed in some of the models of GAC's new energy vehicle line, the Aeon.

GAC Nio's first model, the HYCAN 007, will be available on April 10, with previously announced pre-sale prices starting at 260,000 yuan.