GAC Group issued an announcement today: the board of directors agreed to set up a battery company to carry out independent battery industrialization construction, with a total investment of 10.9 billion yuan; agreed to participate in the construction of the battery production base project of Guangzhou Juwan Technology Research Co., Ltd. It produces cells, modules and PACK systems for extremely fast charging power batteries, with a total investment of 3.69 billion yuan.
According to reports, the board of directors of GAC Group reviewed and approved the "Proposal on the Establishment of Greenking Battery Company". Agree to set up a battery company to carry out independent battery industrialization construction, with a total investment of 10.9 billion yuan. Among them, the first-phase registered capital of the project company is 1 billion yuan, and the holding subsidiary GAC Aian, the wholly-owned subsidiary GAC Passenger Vehicle and GAC Commercial and Trading will invest 510 million yuan and 400 million yuan respectively according to their 51%, 40% and 9% shares. , 90 million yuan, and the source of funds is coordinated by the company.
In addition, the board of directors also reviewed and approved the "Proposal on the Construction of a Battery Production Base by Juwan Technology Research". Approved the construction of the battery production base project of the joint-stock company Guangzhou Juwan Technology Research Co., Ltd., and mass-produced the cells, modules and PACK systems of extremely fast charging power batteries. The total investment of the project is 3.69 billion yuan, and the source of funds is raised by the company.
A source said last month that GAC Aeon is currently preparing to build a power battery company and a power battery mass production line. This means that GAC Aeon will promote the industrialization layout of self-developed and self-produced batteries, and achieve self-controllable power battery supply.
At the 2022 World Power Battery Conference last month, Zeng Qinghong, chairman of GAC Group, said that GAC was already making batteries and had plans to buy mines. GAC will build better electric vehicles for consumers.
It is worth mentioning that due to the continuous increase in the price of power batteries, their cost has accounted for 40%-60% of the cost of the car. Zeng Qinghong said with a smile in his speech at the meeting yesterday: "The battery accounts for 60% of the cost of my car, so am I not working for the Ningde era now?"
In response, Zeng Yuqun, chairman of Ningde Times, responded that this was due to the increase in the cost of battery manufacturers due to the increase in the price of upstream materials. And the price increase of upstream materials is not due to the shortage of mineral resources, but due to capital speculation.
GAC Aian's new round of capital increase project was officially pre-listed on July 18 at the Guangdong United Assets and Equity Exchange Center. GAC Aian stated that the funds raised will be mainly used for the R&D and industrialization of core technologies such as new product development, new-generation batteries, electric drive R&D and industrialization, intelligent driving, intelligent cockpit, energy ecology and capacity expansion.
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