Guangzhou Automobile Group Co., Ltd (GAC Group; 601238.SH; 02238.HK), a leading Chinese auto maker, announced on Wednesday to launch an internet of automobiles project soon.
The automaker plans to invest 1.4 billion yuan for the first phase of the project that will form a network integrating auto sales, after-sale service, auto finance and second-hand auto and auto leasing.
The project will include one auto e-commerce platform, one auto life platform, one auto network platform and one internet VC platform. The project will adopt mixed-ownership model and promote an equity incentive plan for employees.
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