Shanghai (ZXZC)- Yinpai Battery Technology Co., Ltd. ("Yinpai" is Chinese pinyin) was incorporated on Oct. 26 as a majority-owned subsidiary of GAC AION, according to the corporate data inquiry platform Qichacha.

With a registered capital of 1 billion yuan ($138.694 million), the newborn company is co-held by GAC AION, GAC Motor, and GAC Business. Located in Panyu district, Guangzhou city, Yinpai features a line of businesses covering manufacturing of new energy vehicle (NEV) batteries, R&D of battery materials, and relevant technical services.

Photo credit: GAC AION

GAC AION noted in a press release posted on its WeChat account that the new subsidiary will involve a total investment of 10.9 billion yuan ($1.512 billion) and work on the industrialization, manufacturing, and sales of GAC Group's in-house-developed power batteries.

Notably, GAC AION announced earlier this week the foundation of another majority-owned subsidiary, named Ruipai Power Technology (“Ruipai” is Chinese pinyin), it jointly built with GAC Group and GAC Motor.

With a registered capital of 900 million yuan ($124.825 million), Ruipai is set up to help GAC AION boost its independent R&D and industrialization of IDU (Integrated Drive Unit) electric drive system. The company is expected to draw a total investment of 2.16 billion yuan ($299.58 million) over the next few years.