Shanghai (ZXZC)- GAC AION, the new energy vehicle (NEV)-dedicated subsidiary of GAC Group, announced on Tuesday its vehicle deliveries reached 30,063 units in Oct. 2022, surging 149% from the previous year.

For the first ten months of 2022, the NEV manufacturer delivered 212,384 vehicles in total, representing a 134% hike compared to the corresponding period in 2021.

AION V Plus; photo credit: GAC AION

GAC Group announced on Oct. 20 that GAC AION had completed its Series A financing with 18.294 billion yuan raised, the largest-ever volume for a single-round private placement searchable in China's new energy complete vehicle industry over the past several years.

The milestone made the registered capital of GAC AION increased to 7.803 billion yuan ($1.069 billion) from 6.421 billion yuan ($879.83 million), resulting in GAC Group's shareholding (including both directly- and indirectly-owned) in GAC AION reduced by 16.56 percentage points to 76.89%.

Upon completion of the Series A round, GAC AION is still majority-owned by GAC Group. Its valuation has lifted to 103.239 billion yuan ($14.146 billion).

In addition, the new round introduced 53 strategic investors for GAC AION.

GAC AION revealed it will officially launch its new-generation high-end BEV (battery electric vehicle)-dedicated platform "AEP 3.0" and the high-end electrical/electronic architecture dubbed "Xingling" on Nov. 3 and Nov. 8, respectively.