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SAIC Motor together with General Motors formed SAIC GM Wuling Automobile, Shanghai GM and Pan-Asia Technical Automotive Center. With Volkswagen, SAIC Motor has established Shanghai Volkswagen Automobile. Main businesses of SAIC Motor include manufacture and sales of automobiles, spare parts, and vehicle financing. Spare part manufacturer, Ssangyong Motor of South Korea, is a close business associate of SAIC Motor.
Brief history
SAIC with its head quarters in Shanghai is a public limited company. It was established in 1955 as Shanghai City Diesel Part Manufacturing Company. Thereafter in 1958 Shanghai Automobile Assembling factory was successful in producing its first car called Phoenix. Name of Phoenix brand was later changed to Shanghai, which reached a production capacity of 5000 in 1975. In 1985, Shanghai Volkswagen Automobile Company Limited was formed, and subsequently in 1990 Shanghai Automobile Industry Corporation was established.
In 1997, SAIC went public with an offering of 300 million shares at RMB 7.02 yuan per share and was enlisted at Shanghai Stock Exchange.
Products and services
SAIC Motor manufactures passenger as well as commercial vehicles. Rover Powertrain K-series, Rover 25, and Rover 75 are car models manufactured in collaboration with Rover of UK. With Volkswagen, SAIC manufactures ‘Santana’ brand of automobiles. SAIC Motors in collaboration with General Motors launched its Buick New Century brand of cars in 1998. SAIC’s first indigenous car brand Roewe 750 was launched in 2006.
Financials
According to 2007 estimates SAIC achieved a sales revenue of US $3.83 billion and a profit of US $0.18 billion. Net asset of SAIC Motors was estimated at US $11.07 billion.
Awards and recognition
In 2005, SAIC achieved distinction of crossing the million mark with a production of 1.05 million units.
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