GAC Group provides financial assistance to Hycan

Recently, GAC Group unanimously approved a proposal to provide Hycan with a loan of about 23.8 million yuan to protect the rights and interests of employees, and to provide a loan of 174 million yuan to undertake after-sales services. This is an important progress after Hycan encountered serious operating difficulties and owed employees wages in early 2024. Since the launch of its first car in 2020, Hycan has delivered a total of 42,800 vehicles, consuming an average of about 75,000 yuan in financing per vehicle.