SAIC inks credit deal with bank
Print Edition
China’s biggest automaker SAIC Motor and the Export-Import Bank of China signed a strategic cooperation agreement involving 50 billion yuan (US$7.32 billion) credit.
The credit will be used in the field of SAIC Motor’s vehicles, auto parts, mobility services, auto finance, international operations as well as development of big data and artificial intelligence.
Based on the agreement, SAIC Motor and the bank will cooperate in business areas such as credit, trade finance, settlement and consulting. The Shanghai-based automaker said it will help the company further improve its global competitiveness.
The two parties will collaborate in the export of vehicles, auto parts and production line equipment. Cooperation between the two sides also includes working capital loans and fixed-asset investment projects involved in production and operation, overseas fixed-asset investment and equity acquisition. There are also import projects of equipment, parts and technologies.
With the COVID-19 pandemic posing challenges to the auto industry, SAIC Motor has been striving to maintain economic operations.
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