SAIC ties up with Chinese financial conglomerate
SAIC Group signed a cooperation agreement with Chinese financial conglomerate CITIC Group on July 4, 2014. The two sides seek to form a global strategic partnership that would add to their complementary advantages to further mutually beneficial interests. SAIC Group Chairman Chen Hong and CITIC Group Chairman Chang Zhenming attended the signing ceremony.
Under the framework agreement, SAIC and CITIC will cooperate in a wide-variety of fields, including comprehensive financial services, new energy car parts upgrading and R&D, car sales and services, automotive logistics, international development, industrial plants, energy saving and environmental protection.
The two companies will join forces to make full use of their expertise, technology, resources and market advantages in traditional areas and make products and offer services that would move up the value chain in order to boost their core competitiveness. They will also tap into new markets for further growth, using effective resources at their disposal and enhance capabilities to ward off risks amid a complicated and volatile economic environment. (This paragraph altogether needs to be rewritten as it is difficult to understand what is meant. Hence, the editing of the paragraph is incomplete)
Over the years, SAIC has adhered to an innovation-driven transformation to improve development quality and enrich the company’s growth. As a result, SAIC’s leading position on the domestic market has been consolidated, and its independent brands and new energy vehicles have been among China’s top performers.
The latest tie-up with CITIC marks another major step for SAIC to build itself into an internationally competitive multinational company with a strong brand influence.