It’s known that GAC Group passed resolutions at the 47th meeting of the fourth session of the Board of Directors on June 5th. Resolution on establishing GAC New Energy Automotive Co. Ltd. was passed to set up project on establishing GAC New Energy.

According to the plan, GAC will invest RMB 600m to establish the wholly-owned subsidiary GAC New Energy Automotive Co. Ltd. The initial registered capital would be RMB 300m.

In the meantime, an increasing capital of RMB 2.26b would be used to expand an annual capacity of 200,000 units for GAC Motor. It’s known that GAC Motor would launch nine new Trumpchi models, including three alternative energy models of GE3 BEV crossover, GS4 PHEV and GA6 PHEV. According to plan, GAC Group would reach an annual capacity of 200,000 units for alternative energy vehicles by the year of 2020.