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    600104   CNE000000TY6

SAIC MOTOR CORPORATION LIMITED

(600104)
  Report
End-of-day quote Shanghai Stock Exchange  -  2022-11-29
15.18 CNY   +2.78%
11/30Indian Morning Briefing: Asian Markets Gain on Fed Powell's Comments
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Chinese oil giants join forces with SAIC, CATL in swappable battery jv - CNPC

09/22/2022 | 08:02am EST
FILE PHOTO: A PetroChina petrol station in Beijing

Sept 22 (Reuters) - China's top oil and gas producer PetroChina has joined leading auto group SAIC Motor Corp. and battery firm CATL in setting up a joint venture to supply swappable batteries for electric vehicles, parent company CNPC said on Thursday.

CNPC did not provide the details of stakeholding but official business registration portal www.qcc.com shows that the new venture, Shanghai Jieneng Smart Power New Energy Technology Co Ltd, is 37.5% owned by SAIC Motor while PetroChina and CATL each hold 12.5% in the venture. Second-largest oil and gas major Sinopec owns 25%.

With its business focusing on leasing power batteries, the Shanghai-based firm will also research swappable battery technology as well as provide big data services, CNPC said.

China's state energy giants are expanding their investment in low-carbon businesses including renewables, hydrogen and electric mobility as part of the country's goal to be carbon neutral by 2060.

CNPC aims to build over 1,000 charging stations by 2025 in China, having built 203 so far, the company said.

China's Ministry of Industry and Information (MIIT), a major supporter of battery swapping, aims to have more than 100,000 battery-swappable vehicles and more than 1,000 swap stations by 2023. (Reporting by Beijing newsroom; Editing by Mark Porter)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 1.88% 385 End-of-day quote.-34.52%
PETROCHINA COMPANY LIMITED 2.00% 3.57 Delayed Quote.0.86%
S&P GSCI PETROLEUM INDEX -0.23% 313.7399 Real-time Quote.11.35%
SAIC MOTOR CORPORATION LIMITED 2.78% 15.18 End-of-day quote.-26.42%
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Financials
Sales 2022 776 B 110 B 110 B
Net income 2022 18 768 M 2 650 M 2 650 M
Net cash 2022 40 489 M 5 716 M 5 716 M
P/E ratio 2022 9,44x
Yield 2022 4,46%
Capitalization 174 B 24 635 M 24 635 M
EV / Sales 2022 0,17x
EV / Sales 2023 0,13x
Nbr of Employees 15 059
Free-Float 22,1%
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Number of Analysts 21
Last Close Price 15,18 CNY
Average target price 18,40 CNY
Spread / Average Target 21,2%
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Managers and Directors
Xiaoqiu Wang President & Executive Director
Yong Wei Chief Financial Officer & Board Secretary
Hong Chen Chairman
Xiao Su Chen Chairman-Supervisory Board
Ruo Shan Li Independent Director
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