SAIC brand IM Motors raises over one billion euros

The electric car brand IM Motors, which belongs to the Chinese automotive group SAIC, has completed a financing round worth more than 8 billion yuan. And there are rumours that IM Motors' electric cars could be marketed in Europe under the MG brand.

The more than 8 billion yuan from the Series B financing round – the equivalent of just over one billion euros – comes partly from well-known investors such as CATL and QingTao. IM Motors, a joint venture between SAIC and Alibaba founded in 2020, intends to invest capital in developing new models and expanding internationally, including to Europe. The company presented its electric cars at the Geneva Motor Show last week, specifically the LS6, LS7, L6 and L7 – all of which are saloon or crossover models.

However, the electric vehicles from IM Motors may be offered in Europe and South America under the MG brand, which also belongs to SAIC. That is what Car News China reports, citing insiders. The information has thus not been confirmed.

IM Motors made headlines last summer in connection with Audi. In July 2023, rumours first surfaced that Audi wanted to use the platform of another manufacturer for some of its upcoming electric models in China – against the background that the new Group platform SSP would probably be delayed by a few years. A short time later, it became public that it was SAIC and the EV platform from IM Motors (a joint venture with Alibaba).

According to the German Handelsblatt at the time, two electric saloons based on IM Motors’ 800-volt platform will be produced in Shanghai as early as 2024. These will be electric vehicles from the A3 and A4 series. SAIC and Audi also want to “develop a new joint technical platform for future electric models, which will be launched on the market from 2027/28.”

reuters.com, cnevpost.com, immotors.com (in Chinese), immotors.com (Geneva Motor Show; in Chinese) , carnewschina.com