GAC’s Electric Car Unit Books $2.5 Billion Strategic Investment

What’s new: The electric car unit of Guangzhou Automobile Group Co. Ltd. (601238.SH/2238.HK) has been valued at more than $13.8 billion in a Series A funding round involving 53 strategic investors.

The funding — which totaled 18.3 billion yuan ($2.53 billion) — is thought to be the largest ever single private equity investment in the EV industry and brings Aion one step closer to an IPO, industry insiders said.