SAIC Motor invested 6.65 billion yuan to set up "Feifan Automobile" employee shareholding of 350 million yuan

China Securities Network News (reporter Wang Hui) SAIC Motor Group issued an announcement after hours on October 29 that it intends to invest in the establishment of Feifan Automobile Technology Co., Ltd. with a registered capital of 7 billion yuan. Among them, SAIC Motor invested 6.65 billion yuan and employees held 350 million yuan of shares; at the same time, the original "R brand" of the passenger car branch will be market-oriented operation by Feifan Automobile as an independent company. Through the development of "automotive intelligent experience and user scene mining capabilities", Feifan Automobile will deeply cultivate the high-end intelligent electric vehicle market, explore the use of innovative company operation methods, business operation models and market-oriented incentive mechanisms, create a new engine for innovation and development, and promote the "brand upward" of its own brands. In addition, Wu Bing, CEO of SAIC's mobility strategy brand "Xiangdao Travel", will serve as CEO of Feifan Automobile.

It is understood that on the basis of maintaining independent operation, Feifan Automobile will fully integrate SAIC's superior resources and quickly respond to market changes. In terms of equity structure, Feifan Automobile will be invested by SAIC Motor for 6.65 billion yuan, accounting for 95% of the shares; the employee shareholding platform will subscribe to contribute 350 million yuan to account for 5% of the shares, which will fully stimulate the entrepreneurial enthusiasm of the innovation team through market-oriented methods. Positioned as a "user-oriented data-driven technology company", Feifan Automobile will take "technology to honor imagination" as its brand proposition and strive to create a high-end new energy intelligent mobile space.

SAIC Motor also said that in recent years, China's new energy vehicle market has shown explosive growth, and the trend of consumption upgrading in the domestic automobile market is also calling on domestic car companies to accelerate the promotion of brands and achieve upward advancement. At the same time, young consumers are also more inclined to integrate Chinese elements of the trendy high-end brand, the pursuit of a certain function or scene of the "long board" ultimate experience, which gives Chinese brands the opportunity to "change lanes and overtake". In this context, Feifan Automobile and Zhiji Automobile will shoulder the heavy responsibility of SAIC's own brand "brand upward and leapfrogging".