Caixin
Dec 01, 2021 07:38 PM
TECH

Guangzhou Auto to Spend Extra $1.7 Billion on Battle With Tesla for EV Distance Record

A GAC Aeon booth at the Guangzhou Auto Show in Guangzhou, South China's Guangdong province, on Nov. 25. Photo: VCG
A GAC Aeon booth at the Guangzhou Auto Show in Guangzhou, South China's Guangdong province, on Nov. 25. Photo: VCG

Guangzhou Automobile Group Co. Ltd. (GAC) plans to inject 11 billion yuan ($1.7 billion) into its wholly-owned electric vehicle subsidiary, as the unit is poised to launch sales of a rechargeable car that could have the world’s longest range.

The Shanghai-listed GAC (SHA:601238) will pour 7.4 billion yuan in cash and 3.6 billion yuan in tangible assets including manufacturing equipment into GAC Aion, it said in a Monday exchange filing (link in Chinese).

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