GAC NIO: Hycan

dmitra · Dec 28, 2017

GAC, its subsidiary GAC New Energy Automobile Co., and Shanghai Weilai Automobile Co., Ltd. have signed a memorandum of cooperation to set up a new company, GAC Weilai New Energy Automobile Co., Ltd. "to jointly promote the transformation and development of China's automobile industry" aiming for "innovation and upgrading", and "make full use of both parties' talent, resources, technology, capital, the combined advantages of the smart network of clean energy Car industry technology research and development, production, operation, sales".

http://www.d1ev.com/news/qiye/60311
Statement: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2017-12-28/601238_20171228_2.pdf

dmitra · May 21, 2019

GAC-NIO Hycan

GAC and NIO set up HYCAN:

https://equalocean.com/auto/20190520-gac-and-nio-set-up-a-joint-venture-called-hycan
http://autonews.gasgoo.com/70015966.html

Let the articles do the talking:

Shanghai (Gasgoo)- On May 20, GAC NIO New Energy Automotive Co.,Ltd (GAC NIO) launched an all-new car brand dubbed HYCAN in Hangzhou, the capital of China’s Zhejiang Province, according to the automaker.

At the same time, the NEV maker unveiled its first concept model, whose mass-produced version is planned to be launched at the end of the year and handed over to consumers in the first half of 2020.

GAC NIO previously said it is essentially a “co-creation company” rather than a “co-funded joint venture” in traditional sense. It is worth mentioning that the new brand’s Chinese name “Hechuang” means “co-creation” in English. Under this business mode, GAC NIO will build an open, independent platform available for sharing that integrates resource of the whole value chain, making innovation from aspects of industry, resource, technology and users, so as to jointly build an all-new mobility ecosystem.

Also note:

GAC will provide HYCAN with vehicle platform, supply chain, large-scale manufacturing and after-sales service, while NIO will provide it with intelligent network connection technology, energy services, etc. At the same time, HYCAN is not only limited to GAC group and NIO but also widely integrates other advantageous resources, "the official information said.

HYCAN is not a car manufacturer, but an "open and shared" intelligent + mobility ecological platform, which integrates the advantages of traditional main engine manufacturers and new car manufacturers to jointly create a mobility ecological circle formed by "vehicle + generic products."

...The total planned investment of the joint venture company is CNY 1.28 billion with a registered capital of CNY 500 million (USD 72.3474 million), which will be contributed in stages with the initial registered capital of CNY 200 million (USD 28.939 million). GAC Group will contribute CNY 45 million by 22.5% share ratio, and GAC New Energy Automobile Co., Ltd. will contribute CNY 45 million by 22.5% share ratio. The core teams of GAC, NIO and HYCAN hold 45%, 45% and 10%, respectively.

HYCAN Concept: