BUSINESS

GAC-Huawei EV Brand Bags 1 Billion Yuan in Fresh Capital Ahead of Market Debut

Published: May. 14, 2026 7:15 p.m. GMT+8

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A Qijing GT7. Photo: VCG

Qijing, an electric vehicle (EV) brand jointly developed by Guangzhou Automobile Group Co. Ltd. (GAC) and Huawei Technologies Co. Ltd., has bagged about 1.1 billion yuan ($162 million) in fresh capital from investors including battery giant Contemporary Amperex Technology Co. Ltd. (CATL).

The deal marks a crucial step forward for the revived partnership between the legacy automaker and the tech giant as they prepare to bring their first jointly developed model to China’s highly competitive EV market.

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Qijing raised 1.1B yuan ($162M); GAC stake diluted to 69.65%, CATL 8.28% (300M yuan), Bosch 2.21% (80M yuan).
Funds for vehicle development, sales network; GT7 preorders from Mar 17 with CATL Qilin battery.
Revived GAC-Huawei partnership via Nov 2024 agreement after 2023 project cancellation.

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