Nio was initially a JV partner in Hycan

Chinese startup Hycan said it expected to receive at least CNY2.4bn (US$358m) in new funding in the “near future” to finance its next phase of expansion into the electric vehicle (EV) sector, according to reports.

Hycan was founded in 2018 as a joint venture between state owned automaker GAC Group and Nasdaq-listed EV manufacturer Nio, but is now controlled by the former following the most recent investment round earlier this year.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Hycan planned to ramp up its operations to increase its exposure to China’s fast expanding EV market. So far this year, the company is understood to have sold just several hundred battery powered 007 sedans. This compares with over 80,000 sales by Nio and XPeng, two EV startups established in 2014.

Hycan launched its second model in October, the Z03 electric SUV priced at between CNY132,800 and CNY168,800 (US$20,800-US$26,500) and claims it has received 30,000 orders for the model.

The company also displayed two battery powered prototypes at last month’s Guangzhou Auto show, the Concept-S sedan and the Concept-M MPV.

Hycan raised CNY2.4bn in January 2021, mainly from GAC and Pearl River Investment, and the company was rebranded Hycan in May of this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

CEO Yang Ying, speaking at CNBC’s annual East Tech West conference in Guangzhou, said he expected “the new round of financing overall will not be less than this figure”.

Yang did not specify when he expected the funding round to close but claimed more than 20 institutions around the world were interested in Hycan as global investors plan to pour more money into the fast expanding EV sector.