National Business Wire (Dec 25) -- Hycan, a Chinese electric vehicle brand backed by Guangzhou Automobile Group Co., Ltd. (GAC Group), announced on Monday that it has officially entered the Myanmar market.

Hycan Automobile Technology Co., Ltd said in a press release that it signed a distribution agreement with Myanmar New Energy Motor Ltd (MNEM) last week.

Under the strategic cooperation agreement, Hycan will work with MNEM to launch Hycan models including the Z03, A06 and V09 in Myanmar.

Specifically, the Z03 is a compact SUV, the A06 is a mid-sized sedan, and the V09 is an MPV featuring an 800V high-voltage system.

With this partnership, the Chinese automaker aims to leverage MNEM's local network and resources to accelerate the promotion and sales of the Hycan brand cars in the region.

Hycan, formerly known as GAC NIO New Energy Vehicle Co., Ltd., was set up in April 2018 as a joint venture between Guangzhou Automobile Group Co., Ltd.(GAC Group), a traditional Chinese automaker, and Chinese EV startup Nio Inc.

In August 2022, Nio announced its withdrawal as a Hycan shareholder.

Currently, Hycan's largest shareholder is Guangdong Zhutou Intelligent Technology Investment Co., Ltd, with a stake of approximately 68.56%.

Despite the significant reduction, GAC Group still holds about 4.46% of Hycan shares, and GAC Aion New Energy Automobile Co., Ltd. (GAC Aion), a subsidiary of the state-owned automobile group, holds about 20.54%.