GAC Group Splash USD88 Million to Set Up New-Energy Vehicle Subsidiary
Yicai Global
DATE:  Jun 06 2017
/ SOURCE:  Yicai
GAC Group Splash USD88 Million to Set Up New-Energy Vehicle Subsidiary GAC Group Splash USD88 Million to Set Up New-Energy Vehicle Subsidiary

(Yicai Global) June 6 -- Guangzhou Automobile Group Co. [SHA:601238, HKG:2238] is set to invest CNY600 million (USD88.3 million) in a new-energy vehicle company.

The new firm, which will be a wholly-owned subsidiary of the group, will have CNY300 million in registered capital, GAC said in a statement yesterday.

Further funds will be added as the company develops, while the group's board has approved a CNY2.3-billion (USD340-million) increase in capital to boost its passenger car production firm to expand the capacity of the new-energy subsidiary.

GAC Group is one of China's leading auto makers. Its five partnerships with foreign manufacturers see it making vehicles for internationally recognized brands including Fiat, Honda, Isuzu, Mitsubishi and Toyota.

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Keywords:   Auto,GAC GROUP,New Energy,NEVs,CARS