Asian Tech Press (Dec 30) -- Guangzhou Automobile Group Co. (GAC Group)'s electric vehicle brand Aion is filing for a Shanghai IPO.

Aion's business entity, GAC Aion, revealed at the Guangzhou Auto Show on Friday that it is currently filing materials for an initial public offering with securities regulators and that the company has no further plans to raise capital before the IPO.

GAC Aion aims to become the first stock on the Shanghai Stock Exchange's Science and Technology Innovation Board (Shanghai Star Market) for new energy vehicles.

Statistics show that from January to November of this year, GAC Aion has sold 241,149 units, an increase of 128% year-on-year, doubling its annual sales volume ahead of schedule.

GAC Aion General Manager Gu Huinan said at the Guangzhou Auto Show that the company will launch no less than 2 new models every year and accelerate the launch of internationalization strategy as well, striving to exceed 1.5 million units in sales by 2030.