Chinese automaker SAIC Motor Corp Ltd (SS:600104) on Thursday officially announced a partnership with German luxury car company Audi to fast-track the advancement of electric vehicles through collaborative efforts.
"All stakeholders agree that the Chinese auto market is in the midst of the biggest transformation in its history, therefore we will jointly work on a strategic approach that guarantees our future success,” SAIC said, without elaborating on the details of the agreement.
Earlier reports suggested that Audi was in talks with SAIC to acquire the electric vehicle platform of SAIC's premium electric vehicle unit, IM Motors. The collaboration between the two companies could potentially involve SAIC Volkswagen's (ETR:VOWG_p) second factory situated in Anting Town, Jiading District, Shanghai, according to insiders familiar with the matter.
Audi's initiative to enter the electric vehicle market encountered obstacles as VW Group's software issues caused significant delays in the release of essential electric models, including the Q6 E-tron. Additionally, plans for Audi's ambitious autonomous flagship electric car, the Artemis project, were eventually scrapped by VW Group, hindering Audi's progress in the EV sector.