Jul 06, 2023 05:06 AM

BUSINESS

SAIC Seeks Site for Electric Car Factory in Europe

By An Limin and Han Wei

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SAIC sold 530,000 autos overseas in the first quarter, an increase of 40% from a year earlier

SAIC sold 530,000 autos overseas in the first quarter, an increase of 40% from a year earlier

SAIC Motor Corp., China's largest state-owned automaker, is doubling down on overseas expansion with a plan to build an electric vehicle factory in Europe.

The company is looking for a site in Europe, Yu De, SAIC managing director of international business, told media Tuesday without providing details. SAIC set up a plan in 2019 to consider local production if annual sales in Europe topped 100,000 vehicles, which they did last year, Yu said.

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