Beijing (ZXZC)- China’s largest automobile company SAIC Motor announced a new company to be responsible for the independent operation for its R brand today, and named the head of the new company.

Photo credit: SAIC Motor

The new company, named Feifan Auto, has a registered capital of RMB7 billion ($1.09 billion). With RMB6.65 billion ($1.04 billion) invested, SAIC Motor owns 95% of the company’s stake, while the rest 5% belongs to employee equities, with RMB350 million ($54.71 million) invested. Besides, SAIC Mobility’s head Wu Bing was named as the subsidiary’s CEO.

According to SAIC Motor’s announcement, the new Feifan Auto will be operating under an asset-light marketization strategy, motivating the overall morale of the creative team.

The newly established auto company is positioned as a “user-oriented, data-driven technology company”, dedicated to building a mid-to-high-end new energy intelligent mobile space.

Photo credit: SAIC Motor

With SAIC Motor’s leading core new energy battery, motor and electric control technologies, mature L4 autonomous driving experiences, five innovation centers targeting the artificial intelligence, big data, cloud computing, network security and software fields, and the industrial chain spreading over 70 countries, Feifan Auto will be well-positioned in the auto industry.  

SAIC Motor has continued laying out in the mid-to-high-end intelligent electric market in the past few years. In 2020, the carmaker brought out a premium intelligent battery-electric brand IM Motors with Alibaba Group and Zhangjiang Group. With the Feifan Auto this time, SAIC Motor is making efforts to come ahead in the auto industry reformation.