GAC and LeTV to build JV company, building an Internet ecosystem

GAC Group announced in the evening of June 6th, that the board of directors of the company has passed a proposal regarding adjusting the Internet ecosystem of GAC Group. According to the announcement, the company’s project to develop an Internet ecosystem is funded jointly by GAC Group, LeTV and Urtrust Insurance, with an investment proportion of 45%, 40% and 15% respectively.
GAC has long been rumored to cooperate with Chinese Internet tech company LeTV on Internet cars, but nothing had been confirmed before the group’s announcement.
To be noted, both GAC and LeTV already had their comprehensive planning on exploring the automobile e-commerce opportunities before the cooperation. During the recent Beijing Auto Show, DingLei, co-founder and vice president of LeTV’s supercar project, revealed that the company will cooperate with one of the leading carmakers in China on automobile e-commerce and explore new ECO opportunities. Besides, Zhao Yicheng, senior vice president of LeTV ECO in charge of LeMall, also said during a media release that LeMall will march into automobiles and develop itself into the world’s very first O2O auto e-dealer.
On the other hand, GAC Group also announced in last July that the company will initiate an automobile project of Internet ecosystem and build four platforms regarding e-commerce, auto life, Internet of vehicles and venture capital investment respectively.


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