Shanghai (ZXZC)- GAC Group will strive to build itself into an automobile group with an industrial scale of 1 trillion yuan ($149.544 billion) by 2035, according to the speech Zeng Qinghong, chairman of GAC Group, delivered on June 25 at the industrial forum “2022 IC Nansha”.

As part of the efforts to build an open and sound industrial ecosystem capable of sustainable development, GAC Group will deepen its cooperation with partners on some joint-venture projects, such as GAC-CATL Power Battery and Guangzhou Nidec Auto Drive System, said Mr. Zeng.

Photo credit: GAC Group

In addition, GAC Group will continue to step up its investment and merger & acquisition in the field of intelligent-connected vehicle (“ICV”)-related core parts. Learning from Japanese companies' successful experience in building supply chain, the group intends to launch strategic investment in suppliers of core components, such as chips, batteries, electric motors, electric control units, and ICV systems by taking 5% to 10% stake, so as to help it rapidly reach a national leading level in ICV and electrified vehicle areas.

Mr. Zeng added that GAC Group is boosting innovation in semiconductor technologies through industrial investment. It has strategically invested in quite a few domestic chip companies like Horizon Robotics, CanSemi, HiRain Technologies, and THINKTECH, and deepened the collaboration with global semiconductor suppliers like NXP Semiconductors and Infineon Technologies.