Rising Auto CEO: No IPO Plan at Present
Wu Bing, the CEO of SAIC subsidiary Rising Auto, stated on August 26 that the firm currently has no plans to go public for financing, during the 2022 Chengdu Auto Show. Wu also announced that the firm’s first model, the R7, will be delivered in late October and early November this year.
The executive revealed that the next model of Rising Auto is a sedan, which will be released this year. According to internal planning by SAIC, the annual delivery target of Rising Auto this year is 30,000 vehicles.
In March, the brand announced its strategic plan until 2025. The company will be positioned in the middle and high-grade new energy vehicle market, and at least one brand-new model will be launched every year from 2022 to 2025, covering core markets such as sedans, SUVs and MPVs. “By 2025, the sales volume of Rising Auto will increase by at least 100% every year,” Wu added.
Also during the Chengdu Motor Show, Rising Auto showcased its new car, the R7, which is positioned as a medium-to-large SUV. At the same time, Rising Auto released “RISING PILOT,” the industry’s first fully integrated high-level intelligent driving solution. The car is equipped with a RISING OS intelligent cabin interactive system and Qualcomm 8155 chips.
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The R7 has a body size of 4900/1925/1655mm and a wheelbase of 2950mm. In terms of its power system, R7 will be available in two models – dual-motor and single-motor – of which the maximum power of the single-motor model is 250 kW and the cruising range can reach 642 km (unknown working conditions). The dual-motor model has a comprehensive power of 400 kW, a maximum torque of 700 N/m, an acceleration time of 4.4 seconds from 0 to 100 km/h, and a cruising range of more than 600 km. In addition, the new car will be equipped with a 90kWh ternary lithium battery pack, with CTP and double-layer horizontal battery cell technology, and it supports battery swap functions.
At present, many high-end brands of traditional Chinese car companies, including Voyah of Dongfeng Motor Corporation, Geely’s Zeekr and Avatr of Changan Automobile, have started to enter the high-end car market, while SAIC has channeled its resources into Rising Auto.