China is making a strong push to dominate the global electric vehicle (EV) market, and as part of this strategy, Chinese companies have been actively acquiring foreign startups and technology firms. One of the latest acquisitions involves Japanese electric car startup GLM, marking another step in China’s broader effort to strengthen its position in the EV industry.
GLM, known for its high-end electric sports car concept, faced financial challenges when it struggled to secure funding from domestic investors. However, the situation changed when O Luxe Holdings, a Hong Kong-based investment firm, stepped in with a $113 million deal to acquire the company. The acquisition was funded through new share issuances, including support from TCL, a major Chinese electronics manufacturer. Following the deal, GLM’s founder and CEO, Hiroyasu Koma, expressed confidence that the new backing would allow the company to access global resources for research and development.
Koma emphasized that while China is currently leading in the EV space, Japan still holds technological advantages, especially in the next five years. He hopes GLM can capture a meaningful share of the market by leveraging its engineering expertise and advanced powertrain systems.
The Chinese government’s strong support for new energy vehicles has encouraged domestic companies to seek out foreign technologies through strategic acquisitions. In addition to GLM, Chinese firms have made several notable investments in the global EV sector. For example, Wanxiang Group acquired Karma Electric and A123 Systems, while GSR Capital is reportedly close to acquiring Nissan’s battery subsidiary AESC. LeTV founder Jia Yueting has also invested in Faraday Future, aiming to challenge Tesla in the luxury EV segment.
According to the International Energy Agency (IEA), China now accounts for 40% of global EV sales, making it the largest EV market in the world. This growth has spurred a wave of innovation and investment, with over 200 Chinese companies developing around 4,000 EV models. As competition intensifies, many of these startups are looking for cost-effective engineering solutions to speed up their product development.
GLM, which was founded in 2010 by seven former Toyota engineers, previously launched the Tommykaira ZZ, a lightweight electric sports car that sold fewer than 100 units. Now, with new ownership, the company plans to launch its G4 electric supercar in 2019, targeting 1,000 units at a price of 40 million yen. It also aims to expand into electric minivans and family cars, using modified components from the G4 platform.
Beyond vehicle production, GLM is shifting its focus toward providing customized engineering solutions, including chassis platforms, power systems, and control units, to other automakers. Koma believes that while some Chinese EV startups may be competitors in finished products, they could also become key clients for GLM’s engineering services.
“We want to be the Google of the automotive industry,†he said, referring to his vision of becoming a provider of operating systems and platforms for car manufacturers. By offering scalable and cost-efficient solutions, GLM hopes to play a critical role in supporting the next generation of electric vehicles.
As the EV landscape continues to evolve, the trend of cross-border acquisitions shows no sign of slowing down. With China’s growing influence and deep pockets, it’s clear that the race to become the dominant force in the global EV market is far from over.
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