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Audi AG, a German automotive manufacturer of luxury vehicles based in Ingolstadt, Bavaria, is said to be in talks with Chinese state-owned automobile manufacturer SAIC Motor Corp. Ltd. They are said to be discussing the potential buyout of the latter’s electric vehicle platform.
According to Reuters, the move was triggered by the decline in sales of Audi's electric vehicle model units. The fall was sharp, and it now lags so far behind the main players in the EV game, such as Tesla. The brand also loses out against local competitors in China, such as Nio.
Audi is a premium car brand operating under Volkswagen AG, and it is now looking to buy SAIC Motor’s EV unit called the IM Motors. While there is not much available information about this deal, some sources revealed that the talks are already in the advanced stage. Then again, the Chinese automaker reportedly declined to comment on this matter.
IM Motors is a maker of premium EVs, and it started delivering its very first model in June of last year. It introduced the L7 sedan while under the control of SAIC Motor and other investors, including the Alibaba Group.
It was added that even if Audi acquires IM Motors from SAIC Motor, it will still be involved in producing its flagship L7 sedan models. The Chinese media has been reporting about the deal between the companies since Tuesday this week, but there is no official confirmation from them yet.
Finally, Car Scoops reported that as Audi seems to struggle in the market, it will try to take over IM Motors via a purchase deal with SAIC Motor Corp. The details of this agreement are still unclear at the moment, so there is no available detail about the deal’s price and terms.
Photo by: Wassim Chouak/Unsplash
