AbstractAccurate positioning of intelligent connected vehicle (ICV) is a key element for the development of cooperative intelligent transportation system. In vehicular networks, lots of state‐related measurements, especially the mutual measurements between ICVs, are shared. It is an advisable strategy to fuse these measurements for a more robust positioning. In this context, an innovative framework, referred to as multisource‐multitarget cooperative positioning (MMCP) is presented. In MMCP, ICVs are local information source, that upload both the states of ICVs estimated by on‐board sensors and the relative vectors between surrounding objects and vehicles to a fusion centre. In the fusion centre, ICVs are selected as the global targets, and the relative vectors are converted into global measurements. Then, the MMCP is modelled into a multi‐target tracking problem with specific targets. This paper proposes a low complexity Gaussian mixture probability hypothesis density (GM‐PHD‐LC) filter to match and fuse the global measurements to further improve the estimation of ICVs. The evaluation results show that our GM‐PHD‐LC can provide 10 Hz positioning services in urban area, and significantly improve the positioning accuracy compared to the standalone global navigation satellite system.