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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  SAIC Motor Corporation Limited    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
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Audi to launch new electric vehicle venture with China's FAW

10/13/2020 | 05:41am EST
FILE PHOTO:  The spread of the coronavirus disease (COVID-19) in Germany

BEIJING (Reuters) - German premium automaker Audi AG said on Tuesday it had signed a memorandum of understanding with China's state-owned FAW Group to launch a venture to make premium electric vehicles (EVs).

Audi has a long partnership with FAW, which is based in the city of Changchun in the northeast of China, the world's biggest car market. The German firm also plans to make vehicles with Shanghai-based automaker SAIC Motor.

Audi said it would produce models based on the Premium Platform Electric (PPE), a base developed with Porsche. It said the new venture would start manufacturing several models in China from 2024.

Audi aims to have electrified vehicles make up a third of Chinese sales by 2025. It sold 512,081 vehicles in China in the first nine months of 2020 and about 690,000 vehicles last year.

Audi and Porsche's representatives in China said there was no plan for Porsche production at the new venture.

EV makers such as home-grown Nio Inc and Xpeng Inc as well as foreign firms like U.S. leader Tesla Inc are expanding manufacturing capacity in China where the government promotes greener vehicles to reduce air pollution.

(Reporting by Yilei Sun and Brenda Goh; Editing by Louise Heavens and Edmund Blair)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG -0.61% 1630 End-of-day quote.103.75%
NIO LIMITED -5.48% 45.35 Delayed Quote.1,028.11%
PORSCHE AUTOMOBIL HOLDING SE 0.65% 55.52 Delayed Quote.-16.96%
SAIC MOTOR CORPORATION LIMITED -0.35% 25.62 End-of-day quote.7.42%
TESLA, INC. 4.32% 593.38 Delayed Quote.609.22%
VOLKSWAGEN AG -0.51% 144.74 Delayed Quote.-17.11%
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Financials
Sales 2020 757 B 116 B 116 B
Net income 2020 23 347 M 3 575 M 3 575 M
Net cash 2020 43 539 M 6 667 M 6 667 M
P/E ratio 2020 12,8x
Yield 2020 3,38%
Capitalization 293 B 44 804 M 44 885 M
EV / Sales 2020 0,33x
EV / Sales 2021 0,28x
Nbr of Employees 216 360
Free-Float 22,3%
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Technical analysis trends SAIC MOTOR CORPORATION LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 26,32 CNY
Last Close Price 25,62 CNY
Spread / Highest target 40,5%
Spread / Average Target 2,73%
Spread / Lowest Target -40,0%
EPS Revisions
Managers
NameTitle
Xiaoqiu Wang President & Director
Hong Chen Chairman
Bai Ping Bian Chairman-Supervisory Board
Yong Wei Chief Financial Officer & Board Secretary
Bao Xin Jiang Member-Supervisory Board
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