(Yicai) Feb. 28 -- Chinese auto giant SAIC Motor plans to debut two models of its high-end smart electric car brand Intelligence in Motion, co-developed with Alibaba Group, in foreign markets this year after solid sales of its Morris Garages brand abroad.

SAIC will launch the IM L7 and the IM LS7 in Mexican, Middle Eastern, South American, and Southeast Asian markets in 2024 by leveraging its existing overseas marketing network and business management resources, the company said at the Geneva International Motor Show. 

The IM and MG brands made their joint debut at the GIMS on Feb. 26, with SAIC showcasing 10 new smart electric vehicles, including the global premiere of the IM L6. This was IM’s first appearance at an overseas A-level auto show.

The IM LS6 and the IM L6 will enter global markets next year, Shanghai-based SAIC added.

The IM brand has set its sights on the high-end smart EV market, with pricing overseas likely to be relatively high, said Zhao Aimin, vice general manager of global marketing arm SAIC Motor International. This will lead to direct competition with mainstream luxury car brands abroad, including Tesla, Zhao pointed out.

IM was set up in January 2021 by SAIC, Alibaba, and a Shanghai investment fund for the development of high technologies, with the carmaker as its largest shareholder with 54 percent, E-commerce giant Alibaba owns 18 percent. Its first model, the IM LS7, was launched in China at the end of 2

SAIC has been expanding its export business since 2007 and has more than 2,000 sales outlets in more than 100 countries and regions. It first sold over one million cars overseas in 2022. That reached 1.21 million last year, with the automaker setting a target of 1.35 million overseas sales this year and aiming to surpass 1.5 million in 2025.

Editors: Tang Shihua, Martin Kadiev