New Arrivals
SAIC, Alibaba JV launches first model
Updated: Apr 18, 2022
govt.chinadaily.com.cn
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IM Motors, a Shanghai-based premium electric marque, launched its first model on Sunday, the L7 Pro sedan, priced from 368,800 yuan ($57,865) to 408,800 yuan.
IM Motors is a joint venture among China's SAIC Motor, e-commerce giant Alibaba and Shanghai's Zhangjiang Group.
The electric sedan, which has a range of 615 kilometers on one charge, can accelerate from zero to 100 km/hour in 3.87 seconds.
The model is expected to target car buyers in the segment of premium vehicles represented by traditional brands including Mercedes and startups like Nio.
Liu Tao, CEO of IM Motors, said the segment is seeing fast growth in China's vehicle market.
Statistics from the China Passenger Car Association said premium vehicles accounted for 14.5 percent of total deliveries in China in March.
Liu said he expects the figure to grow up steadily to around 30 percent of total deliveries in coming years.
New energy vehicles are driving the momentum of the overall vehicle market's growth in China. Their deliveries are expected to reach 5.5 million units, said the China Association of Automobile Manufacturers.
