Aion, the six-year-old electric car brand operated by Guangzhou Automotive Corporation (GAC), is pushing ahead with plans for an initial public offering (IPO) stock market listing.
Speaking at a press conference held at the Guangzhou Municipal Government Information Office in China this week, the head of Aion's public relations department, Yin Jie, reiterated earlier comments made by GAC president Feng Xingya, saying it is “making every effort to prepare for an IPO”.
Although no timeframe for the move has been revealed, the indications are that Aion is seeking to list on the Shanghai Stock Exchange STAR Market, a Nasdaq-style board established in 2019.
Yin said Aion plans to announce details of its global business strategy later this year, with the target being to exceed one million cars in annual production and sales by 2025.
News of the IPO plans comes after record Aion sales of 45,003 in May, bringing its 2023 cumulative total to 166,323.
This represents a 118% increase over the 76,142 cars Aion sold between January and May in 2022, according to the company's figures.
The Chinese car maker sold a total of 271,156 cars in 2022.
Aion was originally introduced as a sub-brand of GAC's New Energy division in 2018 with the launch of the GAC-Aion S saloon. It was subsequently spun off and launched as its own dedicated brand in 2020.
Current Aion models include the S saloon, LX SUV, V crossover and Y hatchback.
Among Aion's leading technical innovations is the graphene-based battery and a 480V charger. Together, they are claimed to provide the 72.3kWh battery used by the V crossover with a 30%-80% charge in five minutes.
In 2022, Aion launched its own premium EV sub-brand, Hyper, and its first model, the SSR supercar.
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