SHANGHAI – SAIC Motor plans to acquire Ricardo 2010 Consultants Ltd. (Ricardo 2010) in the coming months, following the company’s 20-month development program of new products for SAIC Motor.
Ricardo PLC, parent company of Ricardo 2010, announced the news on January 23.
Ricardo 2010 was founded in 2005 as an overseas engineering center to assist SAIC Motor in the development of its in-house new product R&D capability. It was intended from the start that should Ricardo 2010 succeed in this task, it would be transferred as a going concern for the nominal sum of £1 ($1.97) to the Chinese group after a period of time. Through its links with the wider Ricardo group it has enjoyed ready access to advanced automotive technology and state-of-the-art design, test and development facilities.
When Ricardo 2010 was founded it recruited some of the former MG Rover’s most talented and highly-skilled engineering staff and the
The period since its founding has seen the launch of the first Roewe brand vehicles, the recently-announced start of manufacture of the KV6 engine in China (see CAR, Vol. 2, No. 1), and the ongoing development of a completely new family of Roewe brand products. The transferred business will continue to be based in the
“This is an extremely positive outcome for Ricardo 2010 and its employees as well as for Ricardo PLC and SAIC Motor,” said Ricardo CEO, Dave Shemmans. “Ricardo established this business as a means of creating a world-class automotive product development capability for SAIC and the exercise of the option to acquire the business demonstrates our success in this endeavor. This is due in no small part to the hard work and innovative skills of the Ricardo 2010’s employees as well as their colleagues at SAIC Motor and Ricardo UK Ltd. We look forward to a continued close and mutually-beneficial relationship with SAIC Motor, both on the existing programs on which we are already collaborating, as well as on future products.”
Ricardo, a leading independent automotive development house and strategic consultant to the world’s automotive industry, posted sales of £178 million in financial year 2006.