On December 28th, Guangzhou Automobile Group and electric vehicle company Weilai announced a strategic cooperation in Guangzhou, including resource integration, core components and parts of new energy vehicle vehicle R&D, manufacturing, supply chain system, sales service system, and leasing operation mode. There are many levels of cooperation in the fields, related sales and service channel resources, brand promotion, big data analysis and software development applications, as well as car networking and autopilot. At the same time, Guangzhou Automobile Group also announced that its wholly-owned subsidiary Guangzhou Automobile New Energy Automobile Co., Ltd., Shanghai Weilai Automobile Co., Ltd., and Hubei Yangtze River Weilai New Energy Industry Development Fund Partnership (Limited Partnership) jointly invested in the establishment of Guangzhou Automobile Weilai New Energy Automobile Co., Ltd. The company is committed to the technology R&D, parts production, operation sales and service of intelligent networked new energy vehicles. According to reports, the total investment of Guangqi Weilai New Energy Automobile Company will reach 1.28 billion yuan. Among them, the registered capital is 500 million yuan and the capital contribution is made in installments. The first phase of the registered capital of 200 million yuan, of which GAC Group invested 45 million yuan in 22.5% of the shares, Guangqi New Energy Automobile Co., Ltd. invested 22.5% of the shares according to 22.5%, the source of funding for the company's overall planning. Specifically, Guangzhou Automobile Weilai New Energy Automobile Co., Ltd., GAC and Weilai accounted for 45% and 45%, respectively, and the other 10% of the shares will be used to motivate Hechuang’s core team and temporarily be held by Weilai.