Shanghai (ZXZC)- GAC Group and its subsidiary GAC AION will increase their capital contributions to HYCAN by 107 million yuan ($15.474 million) and 493 million yuan ($71.294 million), in proportion to their respective shareholdings of 4.46% and 20.54%, according to a proposal approved by GAC Group’s board of directors and issued on Feb. 23.

Launched in 2019, HYCAN is a Chinese new energy vehicle (NEV) brand currently co-funded by GAC Group and Guangdong Pearl River Investment Management Group Co., Ltd. It has so far introduced such models as the HYCAN 007, Z03, A06, and V09. 

With over 20,000 vehicles delivered last year, HYCAN was outshone by such main Chinese NEV startups as NETA, Li Auto, NIO, and XPeng, whose respective annual deliveries all exceeded 120,000 units.

HYCAN A06; photo credit: HYCAN

HYCAN is striving to improve its brand competitiveness by enriching its product lineup. On Dec. 3, 2022, the HYCAN A06, the brand’s first electric coupe model, hit the market with its three trim levels priced 179,800 yuan ($26,000), 199,800 yuan ($28,890), and 269,800 yuan ($39,020), respectively.

In addition, HYCAN’s first all-electric MPV, the HYCAN V09, made its debut on the last day of 2022 and is expected for delivery this year.

HYCAN intends to roll out 1-2 new models per year to better respond to market demands.