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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  SAIC Motor Corporation    600104   CNE000000TY6

SAIC MOTOR CORPORATION

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Exclusive: GM's Cadillac will introduce EV in fight against Tesla - sources

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01/10/2019 | 07:59pm EDT
Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit

WASHINGTON (Reuters) - Cadillac is expected to become General Motors Co's lead electric vehicle brand as the largest U.S. automaker gears up to introduce a new model under that luxury marquee to challenge Tesla Inc, two people briefed on the matter said Thursday.

GM is set to announce Friday as part of an investor update that a Cadillac will be the first vehicle based on its forthcoming "BEV3" platform, the people said. The vehicle platform is the basis for vehicle underpinnings, including the battery system and other structural and mechanical parts.

GM is not expected to disclose on Friday additional details, including precisely when the Cadillac EV will be built, whether it will be a crossover or sedan, or where it will be assembled, the sources said.

A GM spokesman declined to comment.

GM had previously focused on making electric vehicles under its mass market Chevrolet brand, including its plug-in Chevrolet Volt and battery electric Bolt. GM announced last year it was ending production of the plug-in Volt as well as a low-selling plug-in Cadillac CT6, even as it moved to boost EV spending.

GM said in November as part of its restructuring efforts it was doubling resources for electric and autonomous vehicle programs over the next two years.

Last month, two Ohio senators asked GM to commit to building all future electric vehicles for U.S. buyers within the country.

GM said in 2017 it planned by 2021 to introduce a new dedicated flexible electric vehicle architecture and an advanced battery system to support the development of at least 20 new models in the United States and China.

GM said in 2017 that a new electric vehicle platform in 2021 will serve as a base for at least nine derivatives, ranging from a compact crossover to a large seven-passenger luxury sports utility vehicle and a large commercial van.

Johan de Nysschen, who was then Cadillac's president, told Reuters at the Detroit auto show in January 2018 the luxury brand will play a "central role" in GM's electrification strategy, including China. He added that Cadillac would be "at the forefront" of rolling out new electric vehicles in the United States and China. He left GM in April.

This week, GM said Cadillac sales in China rose 17.2 percent in 2018, surpassing 200,000 units for the first time. GM Chief Executive Mary Barra has said that GM aims to sell 1 million electric vehicles a year by 2026, many of them in China, which has set strict production quotas on such vehicles.

Barra said in 2017 the company plans to introduce at least 10 new electric or hybrid vehicles to the Chinese market by 2020. GM opened a battery plant with Chinese partner SAIC Motor Corp Ltd last year.

In October, GM urged the Trump administration to back a nationwide program to boost sales of zero emission vehicles like electric cars, even as the government has proposed ending California's ability to require more clean vehicles.

(Reporting by David Shepardson; Editing by Richard Chang)

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS CORPORATION 1.35% 36.14 Delayed Quote.8.04%
SAIC MOTOR CORPORATION 0.25% 24.36 End-of-day quote.-8.66%
TESLA 4.70% 225.03 Delayed Quote.-32.38%
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Financials (CNY)
Sales 2019 920 B
EBIT 2019 35 621 M
Net income 2019 36 109 M
Finance 2019 96 826 M
Yield 2019 6,09%
P/E ratio 2019 7,98
P/E ratio 2020 7,46
EV / Sales 2019 0,21x
EV / Sales 2020 0,17x
Capitalization 287 B
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 29,1  CNY
Spread / Average Target 19%
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Managers
NameTitle
Zhi Xin Chen President, Director & Deputy Party Secretary
Hong Chen Chairman
Baiping Bian Chairman-Supervisory Board
Yong Wei Chief Financial Officer & Board Secretary
Xin Ping Cao Head-Commercial Vehicle Technology
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