A NEW electric vehicle (EV) brand backed by state-owned China carmaker SAIC Motor and e-commerce giant Alibaba aims to compete against Tesla and XPeng in Singapore, with its debut at the Singapore Motorshow 2025 on Jan 9.
IM Motors is a joint venture between SAIC, Alibaba and Shanghai-listed property developer Shanghai Zhangjiang Hi-Tech Park Development (Zhangjiang).
IM is positioning itself in the premium, high-technology EV segment. In Singapore, its competitors in that segment include Tesla and XPeng Abroad, other competitors are China carmakers such as Nio and Li Auto.
In Singapore, IM will be treated as the premium sub-brand of mainstream brand MG Motors, of which SAIC is the parent.
Distribution and retail will be handled by Eurokars Group, the current distributor and dealer of MG Motors.
Two models will be on display at the Singapore Motorshow: the IM5 sedan and IM6 coupe sport-utility vehicle. In China, the models are known as the IM L6 and IM LS6, respectively.
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Eurokars representatives said that the IM5 and IM6 will compete against the Tesla Model 3 and Model Y. There is no information on expected pricing yet, with sales slated to begin in the second half of 2025.
A dedicated space for the brand will be created at the existing MG showroom on Leng Kee Road.
IM was founded in 2020. SAIC is the majority shareholder with 54 per cent, while Alibaba and Zhangjiang hold 18 per cent each.
On Wednesday (Dec 25), it closed its Series B funding round with a total of 9.4 billion yuan (S$1.8 billion), which will be used primarily for research and development.
In March, the company raised more than eight billion yuan in fundraising to fuel its entry into overseas markets.
