SAIC and Audi are combining their resources to jointly develop a series of EV models, with the first product expected to go on sale in 2025.
Chinese carmaker SAIC Motor Corp (SHA: 600104) and Audi, the premium car brand of Germany's Volkswagen, have officially signed a cooperation agreement, following a strategic memorandum of understanding signed last July.
SAIC and Audi announced that they have signed a cooperation agreement to jointly develop a number of high-end smart electric vehicles (EVs) for their joint venture SAIC Audi, as well as to jointly develop the Advanced Digitized Platform, according to a statement from the Chinese automaker today.
The two companies are combining resources to jointly develop a range of EV models, with the first product expected to go on sale in 2025, SAIC said.
The two will speed up development by improving R&D efficiency and optimizing the development process, the Chinese automaker said.
The jointly developed new models will be equipped with the industry's top hardware and software, with the world's top electric performance, as well as a smoother and more user-friendly smart interaction experience, SAIC said.
Audi has strong product definition, vehicle development and engineering capabilities for premium models, while SAIC has industry-leading smart electric innovations, the SAIC statement said.
On July 26, 2023, Audi and its Chinese joint venture partner SAIC signed a strategic memorandum to further deepen their existing cooperation, Volkswagen said in a statement.
The two parties will expand their EV portfolio for the premium market through co-development, Volkswagen's statement at the time said.
As a first step in the plan, Audi will enter segments not previously covered in China by launching new EV models, according to that earlier statement.
On the same day, Volkswagen announced that it had signed an agreement with Xpeng to invest about $700 million in the Chinese EV maker, acquiring about 4.99 percent of the latter's equity at a price of $15 per ADS.
In the initial phase of the partnership, the two companies plan to co-develop two Volkswagen-branded EV models for China's mid-size car market, according to a Volkswagen press release.
The two new vehicles will complement Volkswagen's portfolio of MEB-based platforms and are scheduled to head to market in 2026, the German auto giant said.
Xpeng sees more collaboration with other carmakers as long-term trend
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