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  The plug-in version of SAIC's Reowe RX5 crossover
SAIC to spend 15 billion yuan on EVs, connectivity, aftersales services
Automotive News China | 2017/1/27

SAIC Motor Corp. plans to invest 15 billion yuan ($2.2 billion) to develop electric vehicles, design connected cars and upgrade and enhance aftersales services.

SAIC said that 7.2 billion yuan of the outlays will be spent on engineering EVs and plug-in hybrids.

The state-owned automaker expects to boost annual sales of EVs and plug-in hybrids to 322,000 vehicles in 2020. Of that total, 300,000 will be passenger vehicles and the rest will be commercial trucks.

SAIC also has allocated 500 million yuan to develop fuel cell vehicles. 

Of the remaining 7.8 billion yuan, half will be used to develop connected cars, and the rest will be earmarked for after-sales service and consumer financing.

The company raised the funds by issuing stock.

Last year, sales of SAIC's proprietary Roewe and MG car brands surged 89 percent to 322,000 vehicles. The automaker's Maxus brand also delivered 46,000 vans, up 32 percent from 2015.

SAIC hasn't released sales figures for its EVs and plug-in hybrids.

The company is headquartered and listed in Shanghai, and operates joint ventures with General Motors and Volkswagen Group. 

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