On March 22^nd, GAC announced the establishment of GAC Energy & Ecological Technology Co., Ltd. (tentative name). Focusing on the “carbon peaking and carbon neutrality goals” of the state, GAC is committed to building a charge-swap-storage energy supply ecosystem and battery recycling ecosystem, as well as setting up an intelligent, efficient energy cloud platform to promote the development and application of energy storage technology, “vehicle-station-grid” interactive smart charge-swap service technology and products. The project boasts a total investment of RMB 4.96 billion and registered capital of RMB 1 billion, with RMB 550 million and RMB 450 million from GAC and its subsidiary GAC Aion New Energy Automobile Co., Ltd., respectively. The project proposal has been deliberated and approved by the Company’s Board of Directors.