SAIC Motor sets up wholly-owned energy technology subsidiary

Shanghai (Gasgoo)- SAIC Motor recently set up an energy technology subsidiary, whose business scope includes the sales of new energy vehicle (NEV) battery swapping facilities.

Photo credit: SAIC Motor

According to the enterprise information inquiry platform Tianyancha, the new company, dubbed Shanghai Jieneng Yidian Energy Technology Co., Ltd., was incorporated on April 30 with a registered capital of 30 million yuan ($4.497 million). It is a wholly-owned subsidiary of SAIC Motor Investment Management Co., Ltd., which is entirely controlled by SAIC Motor.

The information from Tianyancha shows that the new subsidiary has a line of businesses covering the operation of NEV charging infrastructures, the sales of charging piles, the rental service of rechargeable batteries and photovoltaic power generation facilities, as well as the aforementioned sales of battery swapping facilities.

The business scope shows a sign that SAIC Motor attempts to improve its deployment of power network to shore up its NEV sales growth. In the first quarter of 2022, the Shanghai-based auto giant saw its NEV sales jumped 27.7% year on year to over 192,000 units, 26.7% of which were under SAIC Motor’s self-owned brands.

Besides, IM Motors, the premium EV venture mainly backed by SAIC Motor, put its first production model, the IM L7, onto the market last month. Assuming the mission to help SAIC Motor go upscale in NEV field, IM Motors wishes to offer users not only high-end cars, but also a solid power network, and other stellar services.