Shanghai (ZXZC)- On Dec. 29, GAC Group-backed Ruipai Power Technology Co., Ltd. ("Ruipai") broke ground on a manufacturing base, which will start producing new-generation electric drive systems next year, according to GAC AION.

According to the corporate information inquiry platform Tianyancha, Ruipai was incorporated on Oct. 20 this year with a registered capital of 900 million yuan ($129.188 million). It was jointly owned by GAC AION (51%), GAC Motor (26%), and GAC Group (23%).

Photo credit: Ruipai

According to GAC AION's introduction, Ruipai will work on the in-house development and commercialization of IDU (integrated drive unit) electric drive system with 2.16 billion yuan ($310.051 million) to be poured over the next several years. It is expected to help GAC AION realize independent R&D and production of electric drive systems.

So far this year, GAC AION has made multiple efforts to deploy a controllable NEV industrial chain, such as beginning the construction of a trial-manufacturing line for power batteries, forging a partnership with the leading battery materials supplier Ganfeng Lithium, as well as setting up energy technology, electric drive, and battery subsidiaries.

Only six days after the foundation of Ruipai, Yinpai Battery Technology Co., Ltd. (“Yinpai”) was incorporated as a joint venture among GAC AION (51%), GAC Motor (40%), and GAC Business (9%). GAC AION said Yinpai involves a total investment of 10.9 billion yuan ($1.565 billion), and features a business line that covers power battery production, R&D of battery materials, and relevant technical services. The ground-breaking of Yinpai’s factory was celebrated on Dec. 11.