Wednesday, July 24, 2024

GAC Group invests 312 million euros to setting up electric drive subsidiary

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The GAC Group will create a subsidiary that will make the electric drive system. To that end, the company has invested 312 million euros which will be used to build a production line with an annual capacity of 400,000 integrated electric drive systems by 2025.

The subsidiary is a joint venture between GAC Group (23 percent), GAC Motor (26 percent) and GAC Aion (51 percent).

GAC Aion has been known as a NEV manufacturer that builds and sells electric vehicles of the Aion brand which are known to have impressive technical specifications.

GAC Aion may also be a major buyer of the company’s electric drive system. The new subsidiary will also build 100,000 drive units with an electromechanical clutch system.

GAC Aion managed to sell 125,284 battery electric cars in the year to the end of July.

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