GAC Group to invest over USD320 million for setting up new electric drive technology company
The new company will be tentatively named Electric Drive Technology Company
Chinese state-owned vehicle manufacturer GAC Group plans to set up a new company to develop and industrialize electric drive systems and hybrid electric coupling systems, a news report published by PANDAILY said on 12 August 2022. GAC Group aims to invest CNY2.16 billion (USD320.7 million) in setting the said company, which will be tentatively named as Electric Drive Technology Company, it said, citing a company announcement on 11 August 2022.
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