In a bold move to solidify its position in the global electric vehicle (EV) market, Chinese companies have been actively acquiring foreign startups and tech firms. One of the latest acquisitions is Japan’s GLM, a small but ambitious electric car company. This deal marks another step in China's strategy to gain technological edge and expand its influence in the EV industry.
GLM, founded in 2010 by seven engineers from major Japanese automakers, initially gained attention with its lightweight electric sports car, the Tommykaira ZZ. However, despite some early success, the company struggled to scale up and needed more capital to bring its high-end G4 electric supercar to production. When domestic investors failed to provide sufficient funding, the company turned to international partners.
Enter O Luxe Holdings, a Hong Kong-based investment firm, which recently agreed to acquire GLM for 12.8 billion yen ($113 million). The deal was funded through new share offerings, including support from TCL, a well-known Chinese electronics manufacturer. Following the acquisition, GLM’s CEO, Hiroyasu Koma, expressed confidence that the new backing would help the company secure global funding for R&D and future projects.
Koma stated, “Electric vehicles are becoming more accepted worldwide, and China is leading the charge. However, Japan still holds strong technological advantages, and we aim to capture a meaningful share of this evolving market.†He also mentioned that GLM plans to launch the G4 in 2019, targeting sales of 1,000 units at around 40 million yen each. In addition, the company is working on electric minibuses and family-oriented models using modified components from the G4.
Beyond just selling cars, GLM is shifting its focus toward providing engineering solutions, such as chassis platforms, power systems, and control units, to other automakers. According to Koma, several deals with Chinese manufacturers are close to finalization, signaling a growing partnership between GLM and the Chinese automotive sector.
This trend isn’t isolated. Chinese companies have made numerous global investments in recent years. For instance, Wanxiang Group acquired Fisker Automotive’s Karma brand and battery supplier A123 Systems. LeTV founder Jia Yueting has invested heavily in Faraday Future, while GSR Capital is reportedly in talks to buy Nissan’s battery subsidiary, AESC.
The Chinese government’s strong support for new energy vehicles has fueled a wave of innovation and investment. According to the International Energy Agency, China now accounts for 40% of global EV sales. With over 200 Chinese companies developing around 4,000 electric vehicles, the market is highly competitive and rapidly expanding.
GLM’s CEO sees opportunity in this environment. “Chinese startups may be our competitors in finished cars, but we see them as potential customers for our engineering platform,†he said. “Our goal is to become the Google of the automotive industry by offering operating systems for car manufacturers.â€
As the global EV landscape continues to evolve, it’s clear that China is not just chasing market share — it’s aiming to lead. Through strategic acquisitions, partnerships, and innovation, Chinese companies are positioning themselves as key players in the next era of mobility.
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