SAIC Motor, China's largest local carmaker, said it has invested nearly RMB 60 billion ($9.26 billion) in new energy research and development in the past five years, thus building up a technological advantage in the new energy and smart networked field.

In the first half of 2021, SAIC sold 265,000 units overseas, up nearly 112.8 percent year-over-year, the company said Tuesday.

Combined sales of MG and Maxus brands reached 166,000 units, up 132 percent year-over-year, and the two brands sold more than 12,000 new energy vehicles in developed European countries in the first half of this year.

SAIC said the company will shift from a focus on the Chinese market to placing equal importance on the Chinese market as on overseas markets.

SAIC's overseas sales will reach 550,000 units this year, and the target is 1.5 million units by 2025, the company said.

In addition to expanding into overseas markets, SAIC recently raised a joint RMB 3 billion capital increase in Banma with Alibaba, SDIC and Yf Capital.

With the support of the capital increase, Banma will increase its investment in the research and development of smart car operating systems to help the automotive industry achieve intelligence and digitalization.

In 2015, SAIC and Alibaba jointly invested in Banma, which announced the completion of more than RMB 1.6 billion in its first round of financing in 2018.

SAIC said that a number of its own-brand products will be equipped with Banma's self-developed heterogeneous fusion intelligent cabin operating system starting from the second half of this year.

(Photo source: SAIC)