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HYCAN is a new energy vehicle brand co-invested by Pearl River Investment Management Group and GAC Group. It was formerly known as GAC NIO New Energy Vehicle Technology Co., Ltd., founded in April 2018 and headquartered in the Nansha District of Guangzhou City. The brand focuses on the R&D, sales, and service of new energy vehicles. Taking "HYCAN" as its core concept, the brand deeply integrates traditional car manufacturing experience with internet-based car-making thinking, and is committed to creating a mobile intelligent "third space" for users, providing a smart mobility experience that goes beyond living and working spaces.
The origin of HYCAN can be traced back to 2017. On December 27, 2017, GAC Group announced a cooperation with NIO Auto Co., Ltd. Shanghai to establish GAC NIO New Energy Vehicle Technology Co., Ltd. The planned total investment was 1.28 billion RMB, with GAC Group holding 45%, NIO holding 55%, and the remaining 10% of shares held by the founding team to attract talent. This cooperation was regarded as a representative partnership between a traditional automaker and a new force car brand.
On April 10, 2018, GAC NIO was officially established. In May 2019, the brand released its new brand "HYCAN" and unveiled the first concept car. In April 2020, the first model, the HYCAN 007, was launched, positioned as a pure electric SUV with a starting price of 259,800 RMB, but it failed to gain traction in the fiercely competitive market.
In 2021, the company underwent major changes. At the beginning of the year, founder and CEO Liao Bing stepped down, and NIO Chairman Li Bin also exited GAC NIO. Later that year, Zhu Yihang, the son of Zhu Mengyi, founder of the Guangzhou real estate giant Hopson One, brought Pearl River Investment into the picture, investing a total of 4.032 billion RMB to become the major shareholder. In April 2021, the company was renamed HYCAN Smart Technology Co., Ltd., and in May of the same year, it was renamed HYCAN Technology Co., Ltd. In August 2022, NIO Auto Co., Ltd. Shanghai officially exited the shareholder list.
After the equity change, HYCAN continued to expand its product line, successively launching the compact SUV Z03, the midsize sedan A06, and the mid-to-large pure electric MPV V09. In 2022, HYCAN acquired 49% equity of GAC Vehicle Hangzhou Company, forming a dual production base pattern in Guangzhou and Hangzhou.
Since 2024, the brand has fallen into business difficulties. The company was exposed for owing wages and supplier payments, and sales channels in Shanghai and other places almost ceased operations. After large-scale layoffs in July 2024, only a few dozen people remained to maintain basic operations. In November 2024, HYCAN missed the Guangzhou Auto Show. In January 2025, GAC Group announced that it would resolve the employee resettlement issue of HYCAN according to its capital contribution ratio, and GAC AION took over the after-sales service work for HYCAN products.
As of January 2025, the latest business information of HYCAN shows: Zhu Yihang holds 68.5594% equity of HYCAN through Guangdong Pearl River Smart Technology Investment Co., Ltd., which he actually controls; the GAC side holds a total of about 25% (GAC AION 20.5411%, GAC Group 4.4589%); other shareholders are Yaoyu Investment Holdings Co., Ltd. (4.4589%) and Guangzhou Chuangkang Gongjin Investment Partnership Enterprise (1.9817%).
Since its establishment, HYCAN has launched a total of four models, covering the SUV, coupe, and MPV market segments.
HYCAN 007 (launched in April 2020): The brand's first model, positioned as a pure electric SUV with a range of about 500 km. The manufacturer's suggested price started from 259,800 RMB.
HYCAN Z03: A compact pure electric SUV with a wheelbase of 2,750 mm. It features a 180° super wide-angle front seat folding function, enabling a fully flat lying mode of more than 2 meters. It has a range of 620 km and is equipped with a 540° fully transparent surround-view panoramic image system and an Level 2 intelligent driving assistance system.
HYCAN A06: A midsize pure electric sedan with a price range of 179,800–269,800 RMB. The A06 PLUS version adopts vector aesthetics design and teal national trendy colors. It is equipped with a Qualcomm 8155 chip and HYCAN's self-developed car machine system, HI-OS, with a CLTC pure electric range of 520 km. The HYCAN A06 once won China's Top 10 Car Body Award.
HYCAN V09: A mid-to-large pure electric MPV, launched in October 2023, with a price range of 318,800–438,800 RMB. A total of five models were launched. The V09 is positioned in the mid-to-high-end home MPV market and is the fourth new model of the HYCAN brand. The entire series comes standard with an 800V high-voltage silicon carbide platform, supports 4C super-fast charging, with a recharging speed that can reach 1 km per second. The long-range version has a range of 762 km.
HYCAN's market performance was generally not very ideal. The brand's full-year sales in 2022 were 19,621 vehicles, dropping to 15,980 vehicles in 2023. In 2024, sales further declined significantly, with full-year sales below 4,950 vehicles, down 82.32% year-on-year. Entering 2025, sales shrank further to the bottom. Sales data shows that in January 2025, HYCAN brand sales were 110 vehicles, and from February to March they dropped rapidly. From September to December 2025, monthly sales were only in the single digits, with full-year cumulative sales of only about 345 vehicles. HYCAN ranked second to last in the 2025 domestic automotive brand sales ranking with 345 vehicles sold for the full year, and was already in a de facto market exit state.
As of the end of November 2024, HYCAN's total assets reached 5.299 billion RMB, total liabilities reached 4.925 billion RMB, and the asset-liability ratio was as high as 92.94%, indicating the company's financial situation was extremely tight. In 2024, there were over a hundred cases in which HYCAN was the defendant. In January 2025, HYCAN was listed as a dishonest judgment debtor by the Nansha District People's Court of Guangzhou City.
HYCAN's product technology mainly relies on the resource support of its two major shareholders. In terms of technical architecture, HYCAN successfully self-developed the H-GEA Global Pure Electric Architecture and continuously iterated its self-developed H-VIP Smart Driving Interconnection System to the 3.0 stage. The H-VIP system covers HYCAN intelligent voice interaction, a visual voice enhancement engine, intelligent assisted driving, an SPA intelligent parking system, and other functions.
In terms of three-electric technology, the HYCAN V09 comes standard with an 800V high-voltage silicon carbide platform, increasing overall vehicle efficiency by about 4% and reducing overall vehicle energy consumption by 7.8%. Through the coordination of the Hi-EMS energy management system, ultra-low wind resistance, and overall vehicle lightweight design, a range exceeding 750 km can be achieved. The V09 also offers a 4C super-fast charging solution, with peak fast charging power reaching 380 kW, capable of replenishing 200 km of energy in just 5 minutes of charging.
In terms of intelligence, the V09 is equipped with two Qualcomm Snapdragon 8155 flagship chips and is configured with a LiDAR with a maximum detection distance of 300 m and an ROI area angular resolution of 0.15°×0.17°. It is equipped with a brand-new upgraded H-VIP 3.0 smart driving interconnection system, using a high-computing-power AI chip and a drive-park integrated domain controller, matched with 24 high-precision perception hardware units, capable of achieving 37 ADAS driving assistance functions. In addition, the V09 is also equipped with HYCAN's unique internet-cloud integrated service architecture, enabling smart connections across three dimensions: vehicle-human, vehicle-smart terminal, and vehicle-environment.
HYCAN also co-built an Intelligent Connected Vehicle R&D Center with Shanghai Jiao Tong University and participated in Guangzhou City's vehicle-road cooperative autonomous driving testing and demonstration operations.
HYCAN once actively promoted overseas market expansion. In May 2024, the first batch of GAC HYCAN export cars was officially shipped from Hangzhou. The product lineup included the V09, A06 PLUS, and Z03 models, and the brand expanded into overseas markets such as Southeast Asia, the Middle East, and Europe.
In September 2024, HYCAN announced its entry into the Malaysian market, planning to cooperate with a local company, Concept Fields, to introduce multiple HYCAN models to Malaysia for sale under different brand names, and planned to carry out local assembly there. In the first half of 2025, HYCAN A06 and Z03 actual cars were spotted on streets in Malaysia, indicating that its Malaysian market plan was still being promoted.
HYCAN has effectively stopped normal operations since the beginning of 2025. In January 2025, GAC Group announced it would underwrite employee wages and economic compensation totaling about 23.8 million RMB, paid by GAC Group and GAC AION according to their respective share ratios. GAC AION was entrusted to take over the after-sales service of HYCAN products, with a 10-year after-sales service period calculated. Up to 174 million RMB in loans were provided by HYCAN shareholders according to their share ratios, specifically for after-sales service. Since then, HYCAN has fallen into de facto suspension, and multiple media outlets have listed it as the first fallen new force car brand of 2025. As of 2026, the HYCAN official website still shows signs of being closed, and the brand's future direction has not yet been clearly announced.
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