Today, SAIC Group announced that its original passenger car brand, SAIC R Motors, has officially been renamed to RisingAuto Motors, and will operate in the market as an independent company.
SAIC Group plans to invest in the establishment of RisingAuto Automotive Technology Co., Ltd., with a registered capital of 7 billion yuan, of which SAIC Group will contribute 6.65 billion yuan, accounting for 95% of the shares, and an employee shareholding platform will subscribe for 350 million yuan, accounting for 5% of the shares.
IM Auto, another new energy vehicle sub-brand of SAIC Group, is also an independent brand. With the renaming and independent operation of R Motors, another new energy vehicle brand under SAIC Group has started operating independently.
In addition, according to officials, RisingAuto Motors will combine SAIC Group’s technical advantages and be produced by the Passenger Car Division on an OEM basis, and quickly seize the mid-to-high-end segment of the new energy vehicle market.
From SAIC Group’s current plan, in the field of new energy vehicles, IM Auto is oriented towards the high-end market, while Baojun Auto is relatively low-end. With the renaming of R Motors to RisingAuto Motors and the start of independent operations, this may be another layout of SAIC Group in the intermediate segment of the new energy market.
However, the sales volume of the original R Motors was not particularly ideal, and the product strength of its current models is relatively mediocre. Can the renaming and independent operations allow SAIC Group to occupy a place in the mid-end market of new energy vehicles? We can look forward to the future developments of RisingAuto Motors.
Information source: Official website of SAIC Group.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.