Guangzhou Automobile Group announced that it plans to cooperate with Guangzhou Industrial Investment New Energy Special Fund of Funds and Bank of China Financial Assets Investment Co., Ltd. as limited partners (LP) at the ratio of 33.4%, 33.3%, and 33.3%. Pay capital to initiate the establishment of Guangzhou Intelligent Connected New Energy Vehicle Industry Development Equity Investment Partnership (tentative name). The main investment areas include but are not limited to: new energy batteries, energy ecology, Internet of Vehicles, intelligent driving, automotive chips, and smart cities. and other important projects in the upstream and downstream of the intelligent network-connected new energy vehicle industry chain. The first phase of the fund will be 10 billion RMB.
It is noticed that when the fund was filed, the total paid-in capital contribution of each partner was 100 million RMB, and the proportional paid-in capital contribution of GAC Group did not exceed 32.4 million RMB. In addition, Guangzhou Yingpeng Investment Management Co., Ltd., a wholly-owned subsidiary of GAC, invested RMB 1 million as the general partner (GP) and manager.
This time, it is planned to establish an intelligent network-connected new energy industry development fund to guide the development of strategic emerging industries and the transformation and upgrading of traditional industries. At the same time, it will accelerate the industrialization of core independent research and development results, improve the level of key technologies, and cultivate GAC Group’s own core leading enterprises. The upstream and downstream of the automobile industry chain have formed an industrial chain ecosystem that can empower the main business, tap the increment of the parts industry, and enhance the competitiveness of core products.
It is understood that in the first half of this year, GAC Group invested more than 3.1 billion RMB in R&D, with a cumulative investment of more than 42 billion RMB. It has filed more than 16,000 patent applications, including more than 6,000 invention patent applications.
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