Caixin
Aug 26, 2022 08:57 PM
BUSINESS

GAC Motor to Invest $1.6 Billion in EV Battery-Making

GAC is not the only state-owned carmaker to invest in new-energy vehicle supply chains. Photo: VCG
GAC is not the only state-owned carmaker to invest in new-energy vehicle supply chains. Photo: VCG

Guangzhou Automobile Group Co. Ltd. (601238.SH) has announced (link in Chinese) it plans to invest 10.9 billion yuan ($1.6 billion) to establish an electric-vehicle battery-making subsidiary.

It’s the latest instance of China’s traditional fuel-powered car manufacturers shifting focus toward electric vehicles (EVs), as they seek to muscle up to a field of successful startups.

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