The GAC-NIO New Energy Automobile Co., a new joint venture, established by two Chinese manufacturers - GAC and NIO, introduced a new all-electric car brand Hycan and shows the first concept SUV with over 600 km (373 miles) of range (probably under the NEDC test cycle).
Hycan will be positioned in the middle between the mainstream GAC and premium NIO and is expected to start production and sales during the first half of 2020. The production version should be unveiled by the end of 2019.
The fast market launch is possible thanks to combining the resources and technology of GAC and NIO, as well as cooperation with battery supplier CATL and companies like Huawei and Bosch.
The JV ownership is as follows:
- GAC Group - 22.5%
- GAC New Energy Automobile - 22.5%
- NIO - 22.5%
- NIO Capital - 22.5%
- employees of GAC-NIO - 10%
Production of Hycan will commence at GAC's NEV industrial park located in Guangzhou, completed in January, with an ultimate capacity of 400,000 cars annually (but it will be utilized for various brands).