GAC Group announced on October 20 that its subsidiary GAC Aian New Energy Vehicle Co., Ltd. (hereinafter referred to as "GAC Aian") completed its A round of financing with a total financing of 18.294 billion yuan. This round of financing is jointly led by PICC Capital, Nanwang Nengchuang, Guodian Fund, Shenzhen Venture Capital , CITIC Jinshi, Guangzhou Industrial Investment Group or its funds/institutions. In the future, GAC Aion will further strengthen its capabilities towards the capital market and build an independent capital market platform.
valuation exceeds 100 billion
On the evening of October 20, GAC Group issued an announcement showing that its subsidiary GAC Aion publicly listed on the Guangzhou Property Exchange for capital increase and share expansion based on the assessed and registered prices, completing the A-round financing initiative. A total of 53 strategic investors were introduced in this round of financing, with a total financing of 18.294 billion yuan and a release of 17.72% of the shares. After the completion of the financing, GAC Aion's registered capital increased from 6.421 billion yuan to 7.803 billion yuan, and GAC Group's total shareholding in GAC Aion changed from 93.45% to 76.89%. GAC Aion is still a subsidiary of GAC Group.
announcement shows that since GAC Aion launched the mixed ownership reform and initiation of war on August 30, 2021, it has completed internal asset restructuring in November 2021, completed employee equity incentives, GAC Research Institute technology personnel holdings and synchronized partial initiation of war, and completed shareholding transformation of in September 2022.
This round of financing led by PICC Capital, Nanwang Energy Chuang, Guodian Fund, Shenzhen Venture Capital, CITIC Jinshi, Guangzhou Industrial Investment Group or its funds or institutions. It introduced strategic support and industrial collaborative investors in the fields of charging and swapping energy ecology, key battery resources, chip design and manufacturing, intelligent driving vehicle-road collaboration, etc.; well-known professional investment institutions with market influence such as marketization, finance and asset management, as well as large-scale policy-guided national and local investment institutions, etc. As of the date of announcement, all investors have completed the signing payment.
Source: GAC Group Announcement
According to public information, GAC Aion's financing set a new industry record for two major industry records: the financing amount was 18.294 billion yuan, which is the largest single private equity financing that can be checked in the domestic new energy vehicle industry in recent years; the post-investment valuation was 103.239 billion yuan, which is the highest valuation among the domestic unlisted new energy vehicle companies.
GAC Group stated that this round of financing has enabled GAC Aion to have the advantages of upstream and downstream strategic industrial resources in the field of new energy vehicles; it has improved GAC Aion's industrial chain and supply chain's ability to ensure supply and stabilize supply in terms of energy ecology, battery materials, automotive chips, etc.; it has provided sufficient financial support for the R&D and industrialization layout of core technologies such as GAC Aion's new product development , new generation batteries, electric drive R&D and industrial construction, intelligent driving, smart cockpit and capacity assurance; it has enhanced and strengthened GAC Aion's comprehensive competitive advantage in future development.
doubled the production capacity
According to the announcement of GAC Group, GAC Aion was established on July 28, 2017. It is an innovative technology company established by GAC Group for future development, as the development carrier of GAC Group's smart pure electric new energy vehicle business. GAC Aion has a leading benchmark factory for smart ecosystems and has successively launched a number of smart pure electric new energy vehicle products such as AION S, AION LX, AION V, AION Y, Hyper SSR; sales volumes from 2020, 2021 and January to September 2022 respectively reached 60,000, 120,200 and 182,300 respectively.
According to statistics, since the first model was launched in 2019, GAC Aion's sales have grown rapidly with an average annual compound growth rate of over 122%. On October 12, GAC Aion's Second Intelligent Manufacturing Center was completed and put into production. This is the second time that Aion's capacity has been expanded this year. Now Aion's overall planned production capacity has exceeded 400,000 vehicles, and the production capacity can reach up to 600,000 vehicles under multiple production shifts. The 200,000 vehicles of Aion Second Intelligent Manufacturing Center are fully focused on the manufacturing and production of AION Y Plus models.
GAC Aion said that according to industry data, the profit and loss line of new energy scale is between 400,000 and 600,000 vehicles. The completion of the Second Intelligent Manufacturing Center will give Aion a maximum production capacity of 600,000 vehicles, crossing the watershed of automobile profits with economies of scale and is expected to enter the stage of truly comprehensive profit.
GAC Aion predicts that the completion of the second intelligent manufacturing center will drive more than 49,000 jobs upstream and downstream of the industrial chain in Guangzhou, introduce 80 suppliers, drive the surrounding supporting output value of nearly 100 billion yuan, and achieve 100% of the nearby core components in 2025, providing strong support for Panyu Auto City to build a world-class "automotive Silicon Valley". By 2025, Aion is expected to achieve production and sales of one million vehicles, with an output value of over 300 billion yuan, driving the supporting output value of Guangzhou and surrounding areas of about 2 trillion yuan, helping Guangzhou achieve the trillion-level "Smart Car City" goal by 2025.
Edited by: Yu Hongbo
