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China's SAIC, COSCO Exchange Equity for First Time to Ship More NEVs Abroad 2022-10-12
China's SAIC, COSCO Exchange Equity for First Time to Ship More NEVs Abroad
The owner of China's largest automaker SAIC Motor and China COSCO Shipping Group, a state-backed shipping giant, will share equity for the first time to deepen their partnership to export more new energy vehicles.
Shanghai Automotive Industry intends to transfer a 5.8 percent stake in SAIC to COSCO, while COSCO offers 5 percent of its listed company Cosco Shipping Holdings in return, the pair said in a statement recently.
The logistics giant will provide the automaker with more stable resources in logistics for vehicles and parts, as well as international operations, the car firm said. It will also help accelerate the entry of SAIC's NEV products into the logistics and transportation industry while expanding its markets.
After the transaction, Shanghai Automotive Industry will have nearly 62.7 percent of SAIC's equity. COSCO's shareholding in Cosco Shipping Holdings will drop to 41.9 percent. Each of the firms will remain the largest shareholder.
SAIC's vehicle exports have ranked first in China for six consecutive years. Amid the electric vehicle boom, the firm's overseas sales jumped by 51 percent to almost 108,360 in September from a year ago, setting a new single-month sales record for Chinese automakers abroad. From January to September, SAIC's offshore sales surged by 56 percent to nearly 688,210 units, according to the latest data.
Shanghai-based COSCO is one of the world's largest shipping companies. It operates a fleet of more than 1,410 vessels with a combined deadweight of 113.5 million tons, including more than 510 container ships with a capacity of 2.9 million twenty-foot equivalent units, according to the announcement.
Source: Yicai Global
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
| 09-26 | 21315225 | Processing |
Inquiry Status
| 02-29 | 02131558 | Received |
| 03-06 | 02131557 | Received |
| 11-14 | 02131556 | Received |
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