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SAIC will invest additional RMB 20 billion to boost NEV business

Source: Securities Times | Date: Oct. 29

  • On Oct. 28, SAIC Group announced the establishment of a charging company, which features the registered capital of RMB 300 million. In the meantime, SAIC announced an additional investment of RMB 20 billion to boost NEV business over the next five years, with the aim of boosting its NEV sales to 600,000 units.

  • In recent years, SAIC are stepping up R&D efforts in the research of new-energy vehicles. It has built technology centers in Shanghai, Nanjing, the UK, and Silicon Valley, forming a global R&D network. Noticeably, the Chinese carmaker has claimed an edge in the fields of battery, electric control, and electric drive systems. The company has launched many new-energy cars.

  • For the first nine months of 2015, SAIC's NEV sales have surpassed 8,500 units with its 2015 sales expected to exceed 13,000 units. The Roewe 550 plug-in hybrid will contribute to the vast majority of the NEV sales. SAIC expects to double its NEV sales in 2016.

  • SAIC Group Chief Engineer Cheng Jinglei expects that China's vehicles sales will peak at 26 million units to 30 million units in 2019. If the ratio of NEV sales to the overall vehicle sales maintains at 20%, China's NEV sales will hit 3-4 million units.