Ricardo plc. said its subsidiary Ricardo 2010 Consultants Ltd. has completed a 20-month product and organizational development effort for Chinese auto manufacturer SAIC Motor Co. Ltd., and SAIC is now prepared to take ownership of the venture for the agreed upon sum of £1.
Through its links with Ricardo, SAIC “has enjoyed ready-made access to advanced automotive technology and state-of-the-art design, test and development facilities,” according to a Ricardo statement. The R&D collaboration led to the launch of the first vehicles under the Roewe brand, the start-up of manufacturing of KV6 engines in China, and the ongoing development of new Roewe products. The transferred business will continue to be based at offices at the Ricardo Midlands Technical and have operational links with Ricardo UK Ltd.