Venture Capital: Chinese EV Maker Aion Raises $2.53B Series A

October 21, 2022 | Latest News, News, Venture Capital

The round valued Aion at a massive RMB 103.3 billion ($14.28 billion).

Aion, the EV unit of Chinese automaker GAC (HKG: 2238), has raised a huge RMB 18.3 billion ($2.53 billion) Series A round at a whopping RMB 103.3 billion ($14.28 billion) valuation. That puts Aion at the top of the league of Chinese private, venture capital-backed EV makers. (TechNode)

Investors in the Series A round

A total of 53 investors contributed to the round, including Ganfeng Lithium, China’s biggest lithium compounds producer, and China Fortune-Tech Capital, an investment arm of top Chinese chipmaker SMIC. Guangzhou Industrial Investment and Capital Operation Holding Group were also among the participants.

PICC Capital, the alternative investment arm of Chinese listed insurer PICC Group; power system operator China Southern Power Grid’s investment platform; the hundred-billion-yuan China Structural Reform Fund; Shenzen Capital Group; CITIC Securities’ private investment unit Goldstone Investment; and Guangzhou Industrial Investment Fund Management were also top investors in Aion.

The new investors have come to own a 17.7% stake in Aion, while GAC continues to own 76.9%, down from 93.5%.

The EV-maker will use the funds to secure its supply chain of critical raw materials and car chips. It also intends to develop, in-house, new EV models, batteries, and other key components. The new round also ensured Aion’s production commitments and a financial base for key R&D.

In the first nine months of this year Aion sold 182,321 cars, more than double on an annualized basis of the previous year. It is now China’s fifth-largest EV maker, holding a market share of 4.8% according to China Passenger Car Association.

Related Story: Chinese EV Startup Xpeng Motors Raises $500M Series C

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